Document:

Form of individual change-in-control severance agreement

 Exhibit 10.1 
 February [    ], 2011 
 [NAME AND ADDRESS] 

Dear [NAME]: 
 Unitrin, Inc. (the
“Company”) considers you to be a valued employee of the Employer (as defined below). In recognition of the value of your continued services to the Employer, the Company’s shareholders and other relevant constituencies, the
Company proposes the following agreement (the “Agreement”) to provide you with certain severance payments and benefits if your employment terminates following a “Change in Control” (as defined below). 

ARTICLE I 

DEFINITIONS 
  

	1.1	Definitions 

 Whenever used in this
Agreement, the following capitalized terms shall have the meanings set forth in this Section, certain other capitalized terms being defined elsewhere in this Agreement: 
 (a) “Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of the Exchange Act. 

(b) “Annualized Compensation” shall mean your rate of annual base salary as in effect immediately prior to your
Qualifying Termination, without regard to any decrease in such salary which would give rise to Good Reason. 
 (c)
“Beneficial Owner” shall have the meaning ascribed to such term in Rule 13d-3 promulgated under the Exchange Act. 
 (d) “Board of Directors” shall mean the Board of Directors of the Company, or any successor thereto. 
 (e) A “Change in Control” shall be deemed to have occurred if the event set forth in any one of the following paragraphs shall have occurred: 

(i) any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities

 
beneficially owned by such Person any securities acquired directly from the Company or any of its Subsidiaries or Affiliates) representing 25% or more of the combined voting power of the
Company’s then outstanding securities, excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in clause (A) of paragraph (iii) below; or 

(ii) the following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who, on
the date hereof, constitute the Board of Directors and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of directors of the Company)
whose appointment or election by the Board of Directors or nomination for election by the Company’s shareholders was approved or recommended by a vote of at least two-thirds of the directors then still in office who either were directors on the
date hereof or whose appointment, election or nomination for election was previously so approved or recommended; or 
 (iii)
there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation, other than (A) a merger or consolidation which results in the directors of the Company immediately
prior to such merger or consolidation continuing to constitute at least a majority of the board of directors of the Company, the surviving entity or any parent thereof or (B) a merger or consolidation effected to implement a recapitalization of
the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities Beneficially Owned by such Person any securities acquired directly from
the Company or any of its Subsidiaries or Affiliates) representing 25% or more of the combined voting power of the Company’s then outstanding securities; or 
 (iv) the shareholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or
substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’s assets immediately following which the individuals who comprise the Board of Directors immediately
prior thereto constitute at least a majority of the board of directors of the entity to which such assets are sold or disposed or any parent thereof. 
 (f) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (g) “Company” shall mean Unitrin, Inc., a Delaware corporation, and any successor as provided in Article IV. 

  
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 (h) “Disability” shall mean a physical or mental condition entitling you to
benefits under the applicable long-term disability plan of the Company or any of its Subsidiaries or Affiliates, or if no such plan exists, causing you to be unable to substantially perform your duties with the Employer for at least 6 months in any
12-month period. 
 (i) Your “Employer” shall mean the Company or any Subsidiary or Affiliate of the Company by
which you are employed. 
 (j) “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

 (k) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(l) “Good Reason” shall mean the occurrence after any Change in Control, or prior to a Change in Control under the
circumstances described in clause (ii) of the second and third sentences of Section 2.1 hereof (treating all references in paragraphs (i) through (iv) below to a “Change in Control” as references to a “Potential
Change in Control”), of any one or more of the following events without your express written consent: 
 (i) a reduction in
your base salary as in effect immediately prior to the Change in Control, or a material reduction in the compensation and benefit plans, arrangements, policies and procedures, taken as a whole, provided to you from those, taken as a whole, provided
to you immediately prior to the Change in Control; 
 (ii) a material reduction in your job authority and responsibility;

 (iii) the Employer requires you to change the location of your job or office, so that you will be based at a location more
than thirty miles from the location of your job or office immediately prior to the Change in Control; 
 (iv) a successor company
fails or refuses to assume the Company’s obligations under this Agreement, as required by Article IV hereof; or 
 (v) any
purported termination of your employment which is not effected pursuant to the terms of Section 7.5 hereof. 

Notwithstanding any of the foregoing to the contrary, a termination by you shall not constitute termination for Good Reason unless you
shall first have delivered to the Employer written notice setting forth with specificity the occurrence deemed to give rise to a right to terminate for Good Reason (which notice must be given no later than 90 days after the occurrence of such
event), and there shall have passed a reasonable time (not less than 30 days) within which the Employer may take action to correct, rescind or otherwise substantially reverse the occurrence supporting termination for Good Reason as identified by
you. 

  
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 (m) “Just Cause” shall mean, with respect to a termination of your
employment with the Employer, (i) fraud, misappropriation of or intentional material damage to the property or business of the Company (including its Subsidiaries and Affiliates), which in any such case is materially injurious to the Company
(including its Subsidiaries and Affiliates), monetarily or otherwise, or (ii) your conviction for the commission of a felony. 
 (n) “Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include
(i) the Company or any of its Subsidiaries or Affiliates, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Subsidiaries or Affiliates, (iii) an underwriter temporarily
holding securities pursuant to an offering of such securities, (iv) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company, (v) any
individual, entity or group whose ownership of securities of the Company is reported on Schedule 13G pursuant to Rule 13d-1 promulgated under the Exchange Act (but only for so long as such ownership is so reported) or (vi) Singleton Group LLC
or any successor in interest to such entity. 
 (o) A “Potential Change in Control” shall be deemed to occur in
the event that (a) the Company enters into an agreement, the consummation of which would result in a Change in Control, (b) the Company or any Person publicly announces an intention to take or to consider taking action which, if
consummated, would constitute a Change in Control, (c) any Person becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 15% or more of either the then outstanding shares of common stock of the Company
or the combined voting power of the Company’s then outstanding securities (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or any of its Subsidiaries or Affiliates) or
(d) the Board of Directors adopts a resolution to the effect that, for purposes of this Agreement, a Potential Change in Control has occurred. 
 (p) “Qualifying Termination” shall mean a termination of employment pursuant to Section 2.1 entitling you to a Severance Payment pursuant to the terms of this Agreement. 

(q) “Separation from Service” shall mean a separation from service as defined in Code section 409A and the applicable
regulations thereunder, without giving effect to any elective provisions that may be available under such definition except that in determining whether there is a separation from service with the employer, the employer shall be determined as
follows: 
 (i) In applying Code section 1563(a)(1), (2) and (3) for purposes of determining a controlled group of
corporations under Code section 414(b), the phrase “at least 50 percent” shall be used instead of “at least 80 percent” each place it appears in Code section 1563(a)(1), (2) and (3); and 

  
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 (ii) In applying Treas. Reg. section 1.414(c)-2 for purposes of determining trades or
businesses (whether or not incorporated) that are under common control for purposes of Code section 414(c), “at least 50 percent” is used instead of “at least 80 percent” each place it appears in Treas. Reg. section 1.414(c)-2.

 (r) “Severance Payment” shall mean the payment described in Section 2.2. 

(s) “Subsidiary” shall mean any entity at least 50% of the voting securities of which are Beneficially Owned by the
Company. 
 ARTICLE II 
 SEVERANCE PAYMENTS 
  

	2.1	Right to Severance Payment 

 You shall be
entitled to receive a Severance Payment from the Company in the amount provided in Section 2.2 if (x) there has been a Change in Control, (y) you are an active employee at the time of the Change in Control, and (z) within two
years from and including the date of the Change in Control, your employment is terminated by the Employer for any reason (other than Just Cause or your death or Disability), or you terminate your employment for Good Reason. In addition, if prior to
a Change in Control (i) your employment is terminated by the Employer for any reason (other than Just Cause or your death or Disability) or (ii) you terminate your employment following the occurrence of any event that would give rise to
Good Reason, and you reasonably demonstrate that such termination or event giving rise to Good Reason, as the case may be, (a) occurred at the request of a Person who has indicated an intention or taken steps reasonably calculated to effect a
Change in Control or (b) otherwise occurred in connection with, or in anticipation of, a Change in Control (whether or not a Change in Control actually occurs), then for all purposes of this Agreement the termination of your employment shall be
deemed to have occurred immediately following a Change in Control. There shall be an irrebuttable presumption that (i) if your employment is terminated by the Employer for any reason (other than Just Cause or your death or Disability) within
ninety (90) calendar days prior to the date of a Change in Control, or (ii) if you terminate your employment following the occurrence of an event that would give rise to Good Reason, which occurs within ninety (90) calendar days prior
to the date of a Change in Control, you will have made (in either case (i) or (ii)) the showing required by the preceding sentence. For purposes of subclause (y) above, to the extent permitted by Section 409A of the Code, you will
still be considered to be an active employee if you are on sick leave, military leave or any other leave of absence approved by the Employer. 
  

	2.2	Amount of Severance Payment 

 (a) If you become entitled to a Severance Payment under this Agreement, the Company shall pay to you a lump sum payment equal to [two (2)] [three (3)] times one year’s Annualized Compensation.

  
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 (b) To the extent you become entitled to severance payments under the Unitrin, Inc. Employee
General Severance Pay Plan, notwithstanding anything therein to the contrary, such payments shall be paid to you, in cash and in full, on the first day of the seventh month after your Separation from Service. In the event that you become entitled to
a Severance Payment under this Agreement, such Severance Payment shall be in lieu of payments and benefits under any other severance plan or arrangement, including, without limitation, the Unitrin, Inc. Employee General Severance Pay Plan.

  

	2.3	Limitation on Payments 

(a) Notwithstanding any other provisions of this Agreement, in the event that any payment or benefit received or to be received by you
(including any payment or benefit received in connection with a Change in Control or the termination of your employment, whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement) (all such payments and benefits,
including the payments and benefits under Section 2.2 of this Agreement, being hereinafter referred to as the “Total Payments”) would be subject (in whole or part), to the excise tax imposed under Section 4999 of the Code (the
“Excise Tax”), then, after taking into account any reduction in the Total Payments provided by reason of Section 280G of the Code in such other plan, arrangement or agreement, the cash severance payments shall first be reduced, and
the noncash severance payments shall thereafter be reduced, to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax but only if the net amount of such Total Payments, as so reduced (and after subtracting the net
amount of federal, state and local income taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments) is greater than or equal to the
net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income taxes on such Total Payments and the amount of Excise Tax to which you would be subject in respect of such unreduced
Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments). The Total Payments shall be reduced by the Employer in its reasonable discretion in the
following order: (A) reduction of any cash payment, excluding any cash payment with respect to the acceleration of equity awards, that is otherwise payable to you that is exempt from Section 409A of the Code, (B) reduction of any
other payments or benefits otherwise payable to you on a pro-rata basis or such other manner that complies with Section 409A of the Code and (C) reduction of any payment with respect to the acceleration of equity awards that is otherwise
payable to you that is exempt from Section 409A of the Code. 
 (b) For purposes of determining whether and the extent to
which the Total Payments will be subject to the Excise Tax, (i) no portion of the Total Payments the receipt or enjoyment of which you shall have waived at such time and in such manner as not to constitute a “payment” within the
meaning of Section 280G(b) of 

  
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the Code shall be taken into account, (ii) no portion of the Total Payments shall be taken into account which, in the written opinion of independent auditors of nationally recognized
standing (“Independent Advisors”) selected by the Employer, does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) and,
in calculating the Excise Tax, no portion of such Total Payments shall be taken into account which, in the opinion of Independent Advisors, constitutes reasonable compensation for services actually rendered, within the meaning of
Section 280G(b)(4)(B) of the Code, in excess of the Base Amount (as defined in Section 280G(b)(3) of the Code) allocable to such reasonable compensation, and (iii) the value of any non cash benefit or any deferred payment or benefit
included in the Total Payments shall be determined by the Independent Advisors in accordance with the principles of Sections 280G(d)(3) and (4) of the Code. 
  

	2.4	No Duty of Mitigation 

 The Company
acknowledges that it would be very difficult and generally impracticable to determine your ability to, or extent to which you may, mitigate any damages or injuries you may incur by reason of the Change in Control. The Company has taken this into
account in entering into this Agreement and, accordingly, the Company acknowledges and agrees that you shall have no duty to mitigate any such damages and that you shall be entitled to receive your entire Severance Payment regardless of any income
which you may receive from other sources following your termination after any Change in Control. 
  

	2.5	Time of Severance Payment 

 The Severance
Payment to which you are entitled shall be paid to you, in cash and in full, on the first day of the seventh month after your Separation from Service. If you should die before all amounts payable to you have been paid, such unpaid amounts shall be
paid within thirty (30) days of your death to your beneficiary under this Agreement or, if you have not designated such a beneficiary in writing to the Company, to the personal representative(s) of your estate. 

 

	2.6	Life and Health Insurance Coverage 

 If
you are entitled to receive a Severance Payment under Section 2.1, the Company shall also provide you with the following additional benefits: 
 (a) Life insurance coverage for you and your dependents having a face amount at least equal to the greater of (i) the amount in effect for you (in your case) and/or your dependents (in the case of
your dependents) immediately prior to the Change in Control, or (ii) the amount in effect for you (in your case) and/or your dependents (in the case of your dependents) immediately prior to the Date of Termination, such coverage to be provided
under the same plan or plans under which you (in your case) or your dependents (in the case of your dependents) were covered immediately prior to the Change in Control (or Date of Termination, as applicable) or substantially similar plan(s)
established by the Company or any of its Subsidiaries 

  
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or Affiliates thereafter, and at no greater cost (the “Active Employee Cost”) to you (in your case) or your dependents (in the case of your dependents) than was imposed pursuant to the
plan(s) under which you (in your case) and/or your dependents (in the case of your dependents) were covered immediately prior to the Change in Control (or Date of Termination, as applicable), provided, however, that until the first day of the
seventh month following your Separation from Service, you shall pay the entire cost of such coverage and shall be reimbursed by the Company for the difference between such payments and the Active Employee Cost on the first day of the seventh month
following your Separation from Service. This coverage will continue for the period hereinafter provided. 
 (b) The right to
continue your health insurance coverage (including any dental coverage) for you and your dependents under the same plan or plans under which you were covered immediately prior to the Change in Control (or, if more favorable, immediately prior to the
Date of Termination) or substantially similar plan(s) established by the Company or any of its Subsidiaries or Affiliates thereafter, upon your payment (on an after-tax basis) of the applicable premium (as defined by Code section 4980B(f)(4)) for
such coverage, provided, however, that the Company shall pay to you the difference between such premium and the amount an active employee would pay for such coverage. The first such payment by the Company shall be made on the first day of the
seventh month following your Separation from Service and shall be equal to the difference between the aggregate premiums you paid prior to such date and the aggregate amount an active employee would have paid for such coverage. Thereafter,
reimbursement by the Company shall be paid on a monthly basis. 
 (c) The benefits provided under this Section 2.6 shall
continue for a period of [two (2)] [three (3)] years following the date of your Qualifying Termination; provided, however, that the benefits for medical coverage under the provisions of Section 2.6(b) shall end as of the date you become covered
under any group health plan maintained by a subsequent employer which provides benefits to you (and anyone entitled to claim the benefits described in Section 2.6(b) under or through you) not materially less favorable than the benefits
described in Section 2.6(b), and which does not exclude any pre-existing condition that you or your dependents may have at that time. 
  

	2.7	Outplacement Services 

 If you are
entitled to receive a Severance Payment under Section 2.1, the Company shall also provide you with a full range of outplacement services provided for up to fifty-two (52) weeks by a reputable organization chosen by the Company. These
outplacement services will be paid for by the Company. 
  

	2.8	Withholding of Taxes 

 The Company or your
Employer may withhold from any amounts payable under this Agreement all federal, state, city or other taxes required by applicable law to be withheld. 

  
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	2.9	No Setoff 

 The Company’s obligation
to make Severance Payments to you pursuant to this Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including, but not limited to, any setoff, counterclaim, recoupment, defense or other right
which the Company or any of its Subsidiaries or Affiliates may have against you or others. 
  

	2.10	Benefits Under Other Plans 

 The benefits
that you may be entitled to receive pursuant to Sections 2.6 and 2.7 of this Agreement are not intended to be duplicative of any similar benefits to which you may be entitled from the Company or any of its Subsidiaries or Affiliates under any other
severance plan, agreement, policy or program maintained by the Company or any of its Subsidiaries or Affiliates. Accordingly, the benefits to which you are entitled under Sections 2.6 and 2.7 shall be reduced to take account of any other similar
benefits to which you are entitled from the Company or any of its Subsidiaries or Affiliates. 
 ARTICLE III 

OTHER RIGHTS AND BENEFITS NOT AFFECTED 
  

	3.1	Other Benefits 

 This Agreement does not
provide a pension for you nor shall any payment hereunder be characterized as deferred compensation. Except as set forth in Sections 2.2(b) and 2.10, neither the provisions of this Agreement nor the Severance Payment provided for hereunder shall
reduce any amounts otherwise payable, or in any way diminish your rights as an employee, whether existing now or hereafter, under any benefit, incentive, retirement, stock option, stock bonus or stock purchase plan or any employment agreement or
other plan or arrangement not related to severance. Any such other amounts or benefits payable shall be included, as necessary, for making any of the calculations required under Section 2.3. 

 

	3.2	Employment Status 

 This Agreement does
not constitute a contract of employment or impose on you any obligation to remain in the employ of the Employer, nor does it impose on the Company or any of its Subsidiaries or Affiliates any obligation to retain you in your present or any other
position, or to change the status of your employment as an employee at will. Nothing in this Agreement shall in any way require the Company or any of its Subsidiaries or Affiliates to provide you with any severance benefits prior to a Change in
Control (except that the foregoing shall not modify the second and third sentences of Section 2.1), nor shall this Agreement ever be construed in any way as establishing any policies or requirements of the Company or any of its Subsidiaries or
Affiliates for the termination of your employment or the payment of severance benefits to you if your employment terminates prior to a Change in Control, nor shall anything in this Agreement in any way affect the

  
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right of the Company or any of its Subsidiaries or Affiliates in its absolute discretion to change prior to a Change in Control one or more benefit plans, including but not limited to pension
plans, dental plans, health care plans, savings plans, bonus plans, vacation pay plans, disability plans, and the like. 

ARTICLE IV 

SUCCESSOR TO COMPANY 

The Company shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially
all the business or assets of the Company, expressly and unconditionally to assume and agree to perform the Company’s obligations under this Agreement, in the same manner and to the same extent that the Company would be required to perform if
no such succession or assignment had taken place. In such event, the term “Company,” as used in this Agreement, shall mean the Company as herein before defined and any successor or assignee to the business or assets which by reason hereof
becomes bound by the terms and provisions of this Agreement. 
 ARTICLE V 

LEGAL FEES AND EXPENSES 

The Company shall pay as they become due, but no sooner than the first day of the seventh month following your Separation from Service, all legal fees,
costs of litigation and other expenses incurred in good faith by you as a result of the Company’s refusal or failure to make the Severance Payment to which you become entitled under this Agreement, as a result of the Company’s contesting
the validity, enforceability or interpretation of this Agreement or of your right to benefits hereunder. You shall be conclusively presumed to have acted in good faith unless a court makes a final determination not otherwise subject to appeal to the
contrary. 
 ARTICLE VI 
 ARBITRATION 
 You shall have the right and option (but not the obligation) to elect (in
lieu of litigation) to have any dispute or controversy arising under or in connection with this Agreement not otherwise resolved through the claims procedure set forth in Section 7.12 settled by arbitration, conducted before a panel of three
arbitrators sitting in a location selected by you within fifty (50) miles from the location of your job with the Employer immediately prior to the Change in Control (determined without regard to any relocation thereof which would give rise to
Good Reason), in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the award of the arbitrator in any court having jurisdiction. All expenses of such arbitration, including the fees and
expenses of your counsel, shall be borne, and paid as incurred, by the Company (but not earlier than the first day of the seventh month following your Separation from Service), provided that the Company shall only be required to pay your fees and
expenses if they are incurred in 

  
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good faith. You shall be conclusively presumed to have acted in good faith unless and until the arbitrator makes a final determination to the contrary. Notwithstanding any provision of this
Agreement to the contrary, you shall be entitled to seek specific performance of your right to be paid until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this Agreement. 

ARTICLE VII 
 MISCELLANEOUS 
  

	7.1	Applicable Law 

 To the extent not
preempted by the laws of the United States and in the interest of interpreting this Agreement in a uniform manner with other similar agreements being entered into by the Company with other of its and its Subsidiaries’ and Affiliates’
employees regardless of the jurisdiction in which you are employed or any other factor, the laws of the State of Illinois shall be the controlling law in all matters relating to this Agreement, regardless of the choice-of-law rules of the State of
Illinois or any other jurisdiction. 
  

	7.2	Construction 

 No term or provision of
this Agreement shall be construed so as to require the commission of any act contrary to law, and wherever there is any conflict between any provision of this Agreement and any present or future statute, law, ordinance, or regulation contrary to
which the parties have no legal right to contract, the latter shall prevail, but in such event the affected provision of this Agreement shall be curtailed and limited only to the extent necessary to bring such provision within the requirements of
the law. 
  

	7.3	Severability 

 If a provision of this
Agreement shall be held illegal or invalid, the illegality or invalidity shall not affect the remaining parts of this Agreement and this Agreement shall be construed and enforced as if the illegal or invalid provision had not been included.

  

	7.4	Headings 

 The Section headings in this
Agreement are inserted only as a matter of convenience, and in no way define, limit, or extend or interpret the scope of this Agreement or of any particular Section. 
  

	7.5	Termination Procedures 

(a) Notice of Termination. After a Change in Control and during the Term, any purported termination of your employment (other than
by reason of death) shall be communicated by a written Notice of Termination from the Employer to you or by you to the Employer in accordance with Section 7.10 hereof. For purposes of this Agreement, a “Notice of Termination”
shall mean a notice which shall indicate the 

  
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specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of your employment
under the provision so indicated. Further, a Notice of Termination for Just Cause is required to include a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters (3/4) of the entire membership of the board of
directors of the Employer at a meeting of such board of directors which was called and held for the purpose of considering such termination (after reasonable notice to you and an opportunity for you, together with your counsel, to be heard before
such board of directors) finding that, in the good faith opinion of such board of directors, you were guilty of conduct set forth in clause (i) or (ii) of the definition of Just Cause herein, and specifying the particulars thereof in
detail. 
 (b) Date of Termination. “Date of Termination,” with respect to any purported termination of
your employment after a Change in Control and during the Term, shall mean (i) if your employment is terminated for Disability, thirty (30) days after Notice of Termination is given (provided that you shall not have returned to the
full-time performance of your duties during such thirty (30) day period), and (ii) if your employment is terminated for any other reason, the date specified in the Notice of Termination (which, in the case of a termination by the Company,
shall not be less than thirty (30) days (except in the case of a termination for Just Cause) and, in the case of a termination by you, shall not be less than fifteen (15) days nor more than sixty (60) days, respectively, from the date
such Notice of Termination is given). 
  

	7.6	Assignability 

 Neither this Agreement nor
any right or interest therein shall be assignable or transferable (whether by pledge, grant of a security interest, or otherwise) by you, your beneficiaries or legal representatives, except by will or by the laws of descent and distribution. This
Agreement shall be binding upon and shall inure to the benefit of the Company, its successors and assigns, and you and shall be enforceable by them and your legal personal representatives. 

 

	7.7	Entire Agreement 

 This Agreement
constitutes the entire agreement between the Company and you regarding the subject matter hereof and supersedes all prior agreements, if any, understandings and arrangements, written or oral, between the Company and you with respect to the subject
matter hereof. 
  

	7.8	Term 

 The term of this Agreement (the
“Term”) shall commence on February 15, 2011 and shall continue in effect through December 31, 2011; provided, however, that commencing on January 1, 2012 and each January 1 thereafter, the Term shall automatically be
extended for one additional year unless, not later than September 30 of the preceding year, the 

  
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Company or you shall have given notice not to extend the Term; and further provided, however, that if a Change in Control shall have occurred during the Term, the Term shall expire no earlier
than twenty-four (24) months beyond the month in which such Change in Control occurred. If you become entitled to Severance Payments hereunder, this Agreement shall continue and be effective until you (or the person(s) specified in
Section 2.5) shall have received in full all Severance Payments and other benefits to which you are entitled under this Agreement, at which time this Agreement shall terminate for all purposes. 

 

	7.9	Amendment 

 No provision of this Agreement
may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by you and the Company. No waiver by the Company or you at any time of any breach by the other party 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 any prior or subsequent time. No agreement or representations, written or oral,
express or implied, with respect to the subject matter hereof, have been made by either party which are not expressly set forth in this Agreement. 
  

	7.10	Notices 

 For purposes of this Agreement,
notices and all other communications provided for herein shall be in writing and shall be deemed to have been duly given when personally delivered or sent by certified mail, return receipt requested, postage prepaid, addressed to the respective
addresses last given by each party to the other, provided that all notices to the Company or the Employer shall be directed to the attention of the Board of Directors with a copy to the General Counsel of the Company. All notices and communications
shall be deemed to have been received on the date of delivery thereof or on the third business day after the mailing thereof, except that notice of change of address shall be effective only upon actual receipt. No objection to the method of delivery
may be made if the written notice or other communication is actually received. 
  

	7.11	Administration 

 The Company has entered
into agreements similar to this Agreement herein with other employees of the Company and its Subsidiaries and Affiliates. These agreements, taken together, constitute a welfare benefit plan within the meaning of Section 3(1) of ERISA. The
Administrator of such plan, within the meaning of Section 3(16) of ERISA, and the Named Fiduciary thereof, within the meaning of Section 402 of ERISA, is the Company. 

 

	7.12	Claims 

 If you believe you are entitled
to a benefit under this Agreement, you may make a claim for such benefit by filing with the Company a written statement setting forth the amount and type of payment so claimed. The statement shall also set forth the facts supporting the claim. The
claim may be filed by mailing or delivering it to the Secretary of the Company. Within 90 calendar days after receipt of such a claim, the Company shall notify you in writing of its action on such claim and if such claim is not allowed in full,
shall state the following in a manner calculated to be understood by you: 
 (a) The specific reason or reasons for the denial;

  
 13 

 (b) Specific reference to pertinent provisions of this Agreement on which the denial is
based; 
 (c) A description of any additional material or information necessary for you to be entitled to the benefits that have
been denied and an explanation of why such material or information is necessary; and 
 (d) An explanation of this
Agreement’s claim review procedure. 
 If you disagree with the action taken by the Company, you or your duly authorized representative may
apply to the Company for a review of such action. Such application shall be made within 60 calendar days after receipt by you of the notice of the Company’s action on your claim. The application for review shall be filed in the same manner as
the claim for benefits. In connection with such review, you may inspect any documents or records pertinent to the matter and may submit issues and comments in writing to the Company. A decision by the Company shall be communicated to you within 60
calendar days after receipt of the application (unless special circumstances require an extension of time, but in no event more than 120 days after such receipt). The decision on review shall be in writing and shall include specific reasons for the
decision, written in a manner calculated to be understood by you, and specific references to the pertinent provisions of this Agreement on which the decision is based. 
  

	7.13	Individual Severance Agreement 

 This
Agreement constitutes an individual severance agreement for purposes of the Company’s Severance Plan (the “Severance Plan”). Accordingly, you will not be eligible to receive any severance payments or other benefits under the Severance
Plan. 
  

	7.14	409A Compliance 

 (a) This
Agreement shall be interpreted and administered in a manner so that any amount or benefit payable hereunder shall be paid or provided in a manner that is either exempt from or compliant with the requirements of Code section 409A and the regulations
and other guidance issued thereunder. 
 (b) Notwithstanding anything in this Agreement to the contrary, to the extent that the
requirements of Code section 409A apply to any amount or benefit that would otherwise be payable or distributable hereunder by reason of your termination of employment, such amount or benefit will not be payable or distributable to you by reason of
such circumstance unless the circumstances giving rise to such termination of employment constitute a Separation from Service. 

  
 14 

 (c) Notwithstanding anything in this Agreement to the contrary, if any amount or benefit is
nonqualified deferred compensation for purposes of Code section 409A that would otherwise be payable or distributable under this Agreement by reason of your Separation from Service, then, subject to any permissible acceleration of payment by the
Company under Treas. Reg. section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes): 
 (i) If the payment or distribution is payable in a lump sum, your right to receive payment or distribution of such non-exempt deferred compensation will be delayed until the earlier of your death or the
first day of the seventh month following your Separation from Service; and 
 (ii) If the payment or distribution is payable over
time, the amount of such non-exempt deferred compensation that would otherwise be payable during the six-month period immediately following your Separation from Service will be accumulated and your right to receive payment or distribution of such
accumulated amount will be delayed until the earlier of your death or the first day of the seventh month following your Separation from Service, whereupon the accumulated amount will be paid or distributed to you on such date and the normal payment
or distribution schedule for any remaining payments or distributions will resume. 
 (d) With regard to any provision herein that
provides for reimbursement of costs and expenses or in-kind benefits that are not exempt from Code section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit,
(ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any of your taxable years shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any of your other taxable
years, provided that the foregoing clause (ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by Code section 105(b) solely because such arrangement provides for a limit on the amount of expenses that may
be reimbursed over some or all of the period the arrangement is in effect and (iii) such payments shall be made on or before the last day of your taxable year following the taxable year in which the expenses was incurred. 

[signature page follows] 

  
 15 

 If this Agreement is acceptable to you, please sign the enclosed copy of this Agreement in the space
provided below and return it to me. 
 Sincerely, 
  

			
	Donald G. Southwell
	Chairman, President and Chief Executive Officer
	
	ACCEPTED AND AGREED TO:
		
	By:	 	  

		 	[NAME]

  
 16Amendment to the Shareholder Rights Agreement

 Exhibit 4.2 
 AMENDMENT TO 
 SHAREHOLDER RIGHTS AGREEMENT 

This Amendment to Shareholder Rights Agreement, dated as of February 15, 2011 (this “Amendment”) is between Scotts
Liquid Gold-Inc., a Colorado corporation (the “Company”), and Wells Fargo Bank Minnesota, N.A., as Rights Agent (the “Rights Agent”). 
 WITNESSETH 
 WHEREAS, the Company and the Rights Agent are parties
to that certain Shareholder Rights Agreement, dated February 21, 2001 (the “Rights Agreement”); 

WHEREAS, pursuant to Section 27 of the Rights Agreement, prior to the Distribution Date (as defined therein), the Board of
Directors of the Company (the “Board”), upon the vote of a majority of the Board then in office, may from time to time supplement or amend the Rights Agreement without the approval of any holders of the rights granted therein; and

 WHEREAS, the Company now desires to amend the Rights Agreement as set forth in this Amendment. 

NOW THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:

 A. The first sentence of Section 7.a. shall be amended and restated as follows: 

SECTION 7. EXERCISE OF RIGHTS; EXERCISE PRICE; EXPIRATION DATE OF RIGHTS. 
 a. Except as otherwise provided herein, the registered holder of any Rights Certificate may exercise the Rights evidenced thereby in whole or in part at any time from and after the Distribution Date and
at or prior to the Close of Business on February 21, 2016 (the “Expiration Date”) or the earlier redemption of the Rights. 
 B. Section 8 shall be amended and restated in its entirety as follows: 
 SECTION 8.
CANCELLATION AND DESTRUCTION OF RIGHTS CERTIFICATES. 
 All Rights Certificates surrendered for the purpose of and accepted for
exercise, or surrendered for the purpose of redemption, transfer, split up, combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Rights Agent for cancellation or in canceled form, or, if
surrendered to the Rights Agent, shall be canceled by it, and no Rights Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall deliver to the Rights Agent for
cancellation and retirement, and the Rights Agent shall so cancel and retire, any other Rights Certificates purchased or retired by the Company otherwise than upon the exercise thereof. Subject to applicable law and regulation, the Rights Agent
shall maintain, in a retrievable database, electronic records of all cancelled or destroyed stock certificates which have been 

 
canceled or destroyed by the Rights Agent. The Rights Agent shall maintain such electronic records or physical records for the time period required by applicable law and
regulation. Upon written request of the Company (and at the expense of the Company), the Rights Agent shall provide to the Company or its designee copies of such electronic records or physical records relating to rights certificates cancelled
or destroyed by the Rights Agent. 
 C. Exhibit A to the Rights Agreement (regarding the Form of Rights Certificate)
shall be amended and restated in its entirety as set forth on Appendix A, attached hereto. 
 D. Effectiveness.
This Amendment shall be deemed effective as of the date first above written, as if executed on such date. Except to the extent specifically amended hereby, the Rights Agreement and all related documents as amended hereby shall remain in full force
and effect. 
 E. Governing Law. This Amendment shall be deemed to be a contract made under the laws of the State of
Colorado and for all purposes shall be governed by and construed in accordance with the provisions of the Rights Agreement except to the extent specifically amended hereby. 
 F. Counterparts. This Amendment may be executed in any number of counterparts, and each of such counterparts shall be for all purposes deemed to be an original, and all such counterparts together
shall constitute but one and the same instrument. 

 IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed as an
instrument under seal and attested, all as of the day and year first above written. 
  

					
	SCOTTS LIQUID GOLD-INC.	 		  	WELLS FARGO BANK MINNESOTA, N.A.,
		 		  	as Rights Agent
			
	 /s/ Mark E. Goldstein
	 		  	 /s/ Daniel Loeffler

	Mark E. Goldstein	 		  	Daniel Loeffler
	President and Chief Executive Officer	 		  	Officer

 [Signature Page to Amendment to
Rights Agreement] 

 APPENDIX A 

FORM OF RIGHTS CERTIFICATE 
  

					
	Certificate No. R-
                            	  	                     Rights	  	

 NOT EXERCISABLE AFTER FEBRUARY 21, 2016 OR EARLIER IF REDEEMED. THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE
OPTION OF THE COMPANY, AT $.01 PER RIGHT ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR AN AFFILIATE (WHICH INCLUDES AFFILIATES AND ASSOCIATES) OF AN ACQUIRING PERSON
(AS EACH SUCH TERM IS DEFINED IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS MAY BECOME NULL AND VOID. THE RIGHTS SHALL NOT BE EXERCISABLE IN ANY JURISDICTION WHERE THE REQUISITE QUALIFICATION TO THE ISSUANCE TO SUCH HOLDER, OR
THE EXERCISE BY SUCH HOLDER, OF THE RIGHTS IN SUCH JURISDICTION SHALL NOT HAVE BEEN OBTAINED OR BE OBTAINABLE. 
 [THE RIGHTS
REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON OR AN AFFILIATE OR AN ASSOCIATE OF AN ACQUIRING PERSON (AS EACH SUCH TERM IS DEFINED IN THE SHAREHOLDER RIGHTS AGREEMENT BETWEEN
THE ISSUER AND WELLS FARGO BANK MINNESOTA, N.A., AS RIGHTS AGENT, DATED AS OF FEBRUARY 21, 2001 (THE “SHAREHOLDER RIGHTS AGREEMENT”)). ACCORDINGLY, THIS RIGHTS CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY MAY BECOME NULL AND VOID IN THE
CIRCUMSTANCES SPECIFIED IN SECTION 7(e) OF THE SHAREHOLDER RIGHTS AGREEMENT. THE RIGHTS AGENT WILL MAIL TO THE REGISTERED HOLDER OF THIS CERTIFICATE A COPY OF THE SHAREHOLDER RIGHTS AGREEMENT, AS IN EFFECT ON THE DATE OF SUCH MAILING, WITHOUT CHARGE
UPON WRITTEN REQUEST.]* 
  

	 	1.	Rights Certificate 

 This
certifies that                             , or registered assigns, is the registered owner of the number of
Rights set forth above, each of which entitles the owner thereof, subject to the terms, provisions, and conditions of the Rights Agreement dated as of February 21, 2001 (the “ Rights Agreement”) between Scott’s Liquid
Gold–Inc. (the “Company”), and Wells Fargo Bank Minnesota, N.A. (the “Rights Agent”), to purchase from the Company at any time after the Distribution Date (as such term is defined in the Rights Agreement) and prior to 5:00
p.m. (Denver, Colorado time) on February 21, 2011 (the “Expiration Date”) at the office of the Rights Agent designated for such purpose, or its successors as Rights Agent, one share of Common 

 
  

	*	 The portion of the legend in brackets shall be inserted only if applicable. 

 
Stock, with a par value of $.10 per share (“Common Stock”), of the Company per each Right represented hereby, at an exercise price of $8.00 per share (the “Exercise Price”)
upon presentation and surrender of this Rights Certificate with the Form of Election to Exercise set forth on the reverse side hereof and the certificate contained therein duly completed and executed, accompanied by a signature guarantee and such
other documentation as the Rights Agent may reasonably request. The number of Rights evidenced by this Rights Certificate (and the number of shares which may be purchased upon exercise thereof) set forth above, and the Exercise Price per share set
forth above, are the number and Exercise Price as of February 21, 2001 based on the shares of Common Stock of the Company as constituted at such date. 
 As more fully set forth in the Rights Agreement, upon the occurrence of a Common Stock Event (as such term is defined in the Rights Agreement), if the Rights evidenced by this Rights Certificate are
beneficially owned by (i) an Acquiring Person or an Affiliate or an Associate of an Acquiring Person (as each such term is defined in the Rights Agreement) or (ii) a Disqualified Transferee (as defined in the Rights Agreement), such Rights
shall automatically become null and void and no holder hereof shall have any right with respect to such Rights from and after the occurrence of such Common Stock Event. 
 The Rights evidenced by this Rights Certificate shall not be exercisable by a holder in any jurisdiction where the requisite qualification to the issuance to such holder, or the exercise by such holder,
of the Rights in such jurisdiction shall not have been obtained or be obtainable. 
 As provided in the Rights Agreement, the
Exercise Price, and the number and type of securities which may be purchased upon the exercise of the Rights evidenced by this Rights Certificate are subject to modification and adjustment upon the happening of certain events. 

In the circumstances described in Section 13 of the Rights Agreement, the securities issuable upon the exercise of the Rights
evidenced hereby shall be the common stock or similar equity securities or equity interests of an entity other than the Company. 
 This Rights Certificate is subject to all of the terms, provisions, and conditions of the Rights Agreement, which terms, provisions, and conditions are hereby incorporated herein by reference and made a
part hereof and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of rights, obligations, duties, and immunities hereunder of the Rights Agent, the Company, and the holders of the Rights
Certificates, which limitations of rights include the temporary suspension of the exercisability of such Rights under the specific circumstances set forth in the Rights Agreement. Copies of the Rights Agreement are on file at the office of the
Rights Agent designated for such purpose and may be obtained by the holder of any Rights upon written request to the Rights Agent. 
 This Rights Certificate, with or without other Rights Certificates, upon surrender at the office of the Rights Agent designated for such purpose, accompanied by a signature guarantee and such other
documentation as the Rights Agent designated for such purpose may reasonably request, may be exchanged for another Rights Certificate or Rights Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like aggregate
number of shares of Common Stock (or other consideration, as the case may be) as the Rights evidenced by the Rights Certificate(s) surrendered shall have entitled such holder to purchase. If this Rights Certificate shall be exercised in part, the
holder shall be entitled to receive, upon surrender hereof, another Rights Certificate(s) for the number of whole Rights not exercised. 

 Subject to the provisions of the Rights Agreement, the Rights evidenced by this Rights
Certificate may be redeemed by the Company by a majority vote of the Board (as defined in the Rights Agreement) then in office at any time prior to the earlier of the Distribution Date or the Expiration Date, at a redemption price of $.01 per Right
(which amount is subject to adjustment as provided in the Rights Agreement). In addition, in certain circumstances, the Rights may be exchanged, in whole or in part, for shares of Common Stock. Immediately upon the action of the Board ordering the
exchange of any Rights and without any further action and without any notice, the right to exercise such Rights will terminate and the only right thereafter of a holder of such Rights will be to receive that number of shares of Common Stock issuable
upon the exchange. 
 The Company is not obligated to issue whole or fractional shares of Common Stock (or other securities)
upon the exercise of any Right or Rights evidenced hereby, but in lieu thereof a cash or other payment may be made at the election of the Company, as provided in the Rights Agreement. 

No holder of this Rights Certificate, as such, shall be entitled to vote or receive dividends or be deemed for any purpose the holder of
Common Stock or of any other securities of the Company which may at any time be issuable on the exercise hereof, nor shall anything contained in the Rights Agreement or herein be construed to confer upon the holder hereof, as such, any of the rights
of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any action by the Company, or to receive notice of meetings or
other actions affecting stockholders (except as provided in the Rights Agreement), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by this Rights Certificate shall have been exercised as provided in
the Rights Agreement. 
 This Rights Certificate shall not be valid or obligatory for any purpose until it shall have been
countersigned by the Rights Agent. 
 WITNESS the facsimile signature of the proper officers and the seal of the Company. Dated
as of February 21, 2001. 
  

			
	SCOTT’S LIQUID GOLD–INC.
		
	By:	 	
 

			
	Title:	 	  

 

	
	ATTEST:
	
	  

	Title:

							
		 		 	Countersigned:
			
		 		 	WELLS FARGO BANK MINNESOTA, N.A.
				
	Date of Countersignature:	 		 	By:	 	  

		 		 		 	                             
                       Authorized Signatory

 Form of Reverse Side of Rights Certificate 

FORM OF ASSIGNMENT 
 (To be executed by the registered holder if such holder 
 desires to transfer the
Rights Certificate) 
 FOR VALUE RECEIVED
                                        
hereby sells, assigns and transfers unto 

                         
                                         
                                         
                                         
                                         
                                       ,

 (Please print name and address of transferee) 
 whose social security or tax identification number is
                            , the Rights evidenced by this Rights Certificate, together with all
right, title and interest herein, and does hereby irrevocably constitute and appoint
                             Attorney, to transfer the within Rights Certificate on the books of the
within-named Company, with full power of substitution. 
  

					
	Dated:             ,         .	 		  	  

		 		  	Signature

 Signature Medallion Guaranteed:*

                         
                                

Certificate 
 The undersigned hereby certifies by checking the appropriate boxes that: 
  

	 	(1)	the Rights evidenced by this Rights Certificate [    ] are [    ] are not being sold, assigned and transferred by or on behalf
of a Person who is or was an Acquiring Person or an Affiliate of an Acquiring Person (as each such term is defined in the Rights Agreement); and 

  

	 	(2)	after due inquiry and to the best knowledge of the undersigned, it [    ] did [    ] did not acquire the Rights evidenced by
this Rights Certificate after the occurrence of a Common Stock Event from any Person who is, was or subsequently became an Acquiring Person or an Affiliate of an Acquiring Person. 

 

					
	Dated:             ,         	 		  	  

		 		  	Signature

 Signature Medallion Guaranteed:*

                         
                                

NOTICE 
 The
signature to the foregoing Assignment and Certificate must correspond to the name as written upon the face of this Rights Certificate in every particular, without alteration or enlargement or any change whatsoever. 

 
  

	*	Signature must be guaranteed by an “Eligible Guarantor Institution” (with membership in an approved signature guarantees medallion program) pursuant to Rule
17Ad-15 of the Securities Exchange Act of 1934. 

 FORM OF ELECTION TO PURCHASE 

(To be executed if holder desires to exercise the Rights Certificate) 

Scott’s Liquid Gold–Inc. 
 The undersigned hereby irrevocably elects to exercise
                                 Rights represented by this Rights Certificate to
purchase the number of shares of Common Stock (or other securities) issuable upon the exercise of such Rights and requests that certificates for such shares be issued in the name of: 
 Please insert social security 

					
	or other identifying number	 	  
	  	
		 	(Please print name and address)	  	

  

					
		 	  
	 	.

 If such number of Rights shall not be
all the Rights evidenced by this Rights Certificate, a new Rights Certificate for the balance remaining of such Rights shall be registered in the name of and delivered to: 
 Please insert social security 

					
	or other identifying number	 	  
	  	
		 	(Please print name and address)	  	

  

					
	  
	 	.

  

			
	Dated:             ,         	  	  

		  	Signature
		  	(Signature must conform in all respects to name of holder as specified on the face of this Rights Certificate)

 

					
	Signature Medallion Guaranteed:**	 		 	
			
	  
	 		 	

 Certificate 
 The undersigned hereby certifies by checking the appropriate boxes that: 
  

	 	(1)	the Rights evidenced by this Rights Certificate [    ] are [    ] are not being exercised by or on behalf of a Person who is or
was an Acquiring Person or an Affiliate of any such Acquiring Person (as each such term is defined in the Rights Agreement); and 

  

	 	(2)	after due inquiry and to the best knowledge of the undersigned, it [    ] did [    ] did not acquire the Rights evidenced by
this Rights Certificate after the occurrence of a Common Stock Event (as such term is defined in the Rights Agreement) from any Person who is, was, or subsequently became an Acquiring Person or an Affiliate of an Acquiring Person.

  

			
	Dated:             ,         	  	  

		  	Signature
		  	

 Signature Medallion Guaranteed:** 

 
  

	**	Signature must be guaranteed by an “Eligible Guarantor Institution” (with membership in an approved signature guarantees medallion program) pursuant to Rule
17Ad-15 of the Securities Exchange Act of 1934.

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