Document:

Document

EXHIBIT 10.2

FORM OF
INDEMNIFICATION AGREEMENT

This Indemnification Agreement is dated as of ___________, 20__ (this “Agreement”) and is between Xerox Holdings Corporation, a New York corporation (the “Company”), and ____________  (“Indemnitee”).
Background 
The Company believes that in order to attract and retain highly competent persons to serve as directors or in other capacities, including as officers, it must provide such persons with adequate protection through indemnification against the risks of claims and actions against them arising out of their services to and activities on behalf of the Company.
The Company desires and has requested Indemnitee to serve, or to continue to serve, as a director or executive officer of the Company and, in order to induce Indemnitee to serve, or to continue to serve, as a director or executive officer of the Company, the Company is willing to grant Indemnitee the indemnification provided for herein.  Indemnitee is willing to so serve, or to continue to serve, on the basis that such indemnification be provided.
The parties by this Agreement desire to set forth their agreement regarding indemnification and the advancement of expenses.
In consideration of Indemnitee’s service to the Company and the covenants and agreements set forth below, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
Section 1.Indemnification.  To the fullest extent permitted by the Business Corporation Law of the State of New York (the “NYBCL”):
(a)Subject to the terms hereinafter set forth, the Company shall indemnify Indemnitee if Indemnitee was or is a party to, is threatened to be made a party to, or is otherwise involved in, as a witness or otherwise, any threatened, pending or completed action, suit or proceeding (brought in the right of the Company or otherwise), whether civil, criminal, administrative or investigative and whether formal or informal, including any and all appeals, by reason of the fact that Indemnitee is or was or has agreed to serve as a director or officer of the Company, or while serving as a director or officer of the Company, is or was serving or has agreed to serve at the request of the Company as a director, officer, employee or agent (which, for purposes hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise, or by reason of any action alleged to have been taken or omitted by Indemnitee in any such capacity.
(b)The indemnification provided by this Section 1 shall be from and against all loss and liability suffered and expenses (including attorneys’ fees, costs and expenses), judgments, fines and amounts paid in settlement, in each case actually and reasonably incurred by or on behalf of Indemnitee in connection with such action, suit or proceeding, including any appeals (collectively, “Losses”), subject in all cases to the terms hereinafter set forth.
									
			

Section 2.Advancement of Expenses.  To the fullest extent permitted by the NYBCL, following the Company’s receipt of notice pursuant to Section 3(a) and subject to the terms hereinafter set forth, expenses (including reasonable attorneys’ fees) incurred by Indemnitee in appearing at, participating in or defending, or otherwise arising out of or related to, any action, suit or proceeding described in Section 1(a) shall be paid by the Company in advance of the final disposition of such action, suit or proceeding (an “advancement of expenses”) within thirty (30) days after receipt by the Company of a statement or statements from Indemnitee requesting such advancement of expenses from time to time (which shall contain reasonable detail and supporting documentation as to the nature and amount of such expenses), subject to the Company’s receipt of a written undertaking on the part of Indemnitee to repay any amounts so advanced to the extent that it is ultimately determined by final judicial decision from which there is no further right to appeal (a “final adjudication”) that such Indemnitee is not entitled to be indemnified or entitled to advancement of expenses under this Agreement.  Indemnitee’s execution of this Agreement shall constitute such undertaking, and (unless otherwise requested by the Company) no other form of undertaking shall be required of Indemnitee other than the execution of this Agreement.  For the avoidance of doubt, for purposes hereof, an expense shall be deemed to be “incurred” by Indemnitee when an invoice in respect thereof has been issued or such expense shall otherwise be due and payable and shall not require that Indemnitee has actually paid such expense.  The Company’s obligation to provide an advancement of expenses to Indemnitee shall be subject in all respects to Section 3(b).  Notwithstanding the foregoing, the Company shall have no obligation to make any payment provided in this Section 2 in the event the Board of Directors (as defined below) determines, in good faith, that Indemnitee has engaged in fraud, bad faith or criminal conduct relating to the subject matter of the proceeding in which Indemnitee is seeking advancement of expenses.
Section 3.Procedure for Indemnification; Notification and Defense of Claim.  
(c)Promptly after receipt by Indemnitee of notice of the commencement of any action, suit or proceeding, Indemnitee shall, if any indemnification, advancement or other claim in respect thereof is to be sought from or made against the Company hereunder, notify the Company in writing of the commencement thereof.  The failure to promptly notify the Company of the commencement of any action, suit or proceeding, or of Indemnitee’s request for indemnification, advancement or other claims shall not relieve the Company from any liability that it may have to Indemnitee hereunder and shall not constitute a waiver or release by Indemnitee of any rights hereunder or otherwise, except to the extent the Company is actually and materially prejudiced in its defense of such action, suit or proceeding as a result of such failure.  To submit a request for indemnification under Section 1, Indemnitee shall submit to the Company a written request therefor; provided that any request for such indemnification may not be made after the final disposition of such action, suit or proceeding.  Any notice by Indemnitee under this Section 3 requesting indemnification should include such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to enable the Company to determine whether and to what extent Indemnitee is entitled to indemnification.
									
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(d)With respect to any action, suit or proceeding of which the Company is so notified as provided in this Agreement, the Company shall, subject to the last two sentences of this Section 3(b), be entitled to assume the defense of such action, suit or proceeding upon the delivery to Indemnitee of written notice of its election to do so.  After delivery of such notice, the Company will not be liable to Indemnitee under this Agreement for any subsequently incurred fees of separate counsel engaged by Indemnitee with respect to the same (or substantially similar) action, suit or proceeding unless the employment of separate counsel by Indemnitee has been previously authorized in writing by the Company.  Notwithstanding the foregoing, if Indemnitee, based on the advice of his or her counsel, shall have reasonably concluded (with written notice being given to the Company setting forth the basis for such conclusion) that, in the conduct of any such defense, there is an actual or potential conflict of interest or position (other than such potential conflicts that are objectively immaterial or remote) between the Company and Indemnitee with respect to a significant issue, then the Company will not be entitled, without the written consent of Indemnitee, to assume such defense, and (for the avoidance of doubt) if the Company shall not be entitled to assume the defense as herein provided, then the indemnity and advancement of expense provisions set forth in this Agreement (including in Sections 1 and 2 hereof) shall apply.  In addition, the Company will not be entitled, without the written consent of Indemnitee, to assume the defense of any claim brought by or in the right of the Company.
(e)The determination of whether the Indemnitee is entitled to indemnification shall be made promptly and in any event within sixty (60) days following the Company’s receipt of a request for indemnification in accordance with Section 3(a).  If the determination of whether to grant Indemnitee’s indemnification request shall not have been made within such sixty (60) day period, the requisite determination of entitlement to indemnification shall, subject to Section 6, nonetheless, to the fullest extent permitted by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) an intentional misstatement by Indemnitee of a material fact, or an intentional omission of a material fact necessary to make Indemnitee’s statement not misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under the NYBCL; provided, however, that such sixty (60) day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation or information relating thereto.
(f)In the event that (i) the Company determines in accordance with this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) the Company denies a request for indemnification, in whole or in part, or fails to respond or make a determination of entitlement to indemnification within sixty (60) days following receipt of a request for indemnification as described above (as it may be extended as described above), (iii) payment of indemnification is not made within such sixty (60) day period (as it may be extended as described above), (iv) any advancement of expenses is not timely made in accordance with Section 2 or (v) 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, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to pursue an adjudication in any court of competent jurisdiction of his or her entitlement to such indemnification or advancement of expenses, as applicable.  Indemnitee’s reasonable expenses (including reasonable attorneys’ fees, costs and expenses) incurred in connection with successfully establishing Indemnitee’s right to indemnification or advancement of expenses, in whole 
									
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or in part, in any such proceeding or otherwise shall also be indemnified by the Company to the fullest extent permitted by the NYBCL.
(g)Indemnitee shall, to the fullest extent permitted by law, and subject to the limitations set forth in Section 2 above, be presumed to be entitled to indemnification and advancement of expenses under this Agreement upon submission of a request therefor in accordance with Section 2 or Section 3, as the case may be.  The Company shall have the burden of proof in overcoming such presumption, and such presumption shall be used as a basis for a determination of entitlement to indemnification and advancement of expenses unless, to the fullest permitted by law, the Company overcomes such presumption.  For purposes of this Agreement, to the fullest extent permitted by the NYBCL, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Company, including financial statements, or on information supplied to Indemnitee by the officers, employees or committees of the Board of Directors of the Company (the “Board of Directors”), or on the advice of legal counsel or other advisors (including financial advisors and accountants) for the Company or on information or records given in reports made to the Company by an independent certified public accountant or by an appraiser or other expert or advisor selected by the Company, and the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Company or relevant enterprises will not be imputed to Indemnitee in a manner that limits or otherwise adversely affects Indemnitee’s rights hereunder.
Section 4.Insurance and Subrogation.  
(h)The Company hereby covenants and agrees that, so long as Indemnitee shall be subject to any possible action, suit or proceeding by reason of the fact that Indemnitee is or was or has agreed to serve as a director or officer of the Company, or while serving as a director or officer of the Company, is or was serving or has agreed to serve at the request of the Company as a director, officer, employee or agent (which, for purposes hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise, the Company, subject to Section 4(b), shall promptly obtain and maintain in full force and effect directors’ and officers’ liability insurance (“D&O Insurance”) in an amount determined by the Board of Directors to be reasonable from established and reputable insurers, as more fully described below.
(i)Notwithstanding any other provisions of this Agreement to the contrary, the Company shall have no obligation to obtain or maintain D&O Insurance if the Company determines in good faith that: (i) such insurance is not reasonably available; (ii) the premium costs for such insurance are disproportionate to the amount of coverage provided; (iii) the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit; (iv) the Company is to be acquired and a tail policy of reasonable terms and duration is purchased for pre-closing acts or omissions by Indemnitee; (v) the Company is to be acquired and D&O Insurance, with substantially the same terms and conditions as the D&O Insurance in place prior to such acquisition, will be maintained by the acquirer that covers pre-closing acts and omissions by Indemnitee; or (vi) the Company has established an alternative funding mechanism that the Board of Directors has determines provides coverage to the Indemnitee that is substantially equivalent (or more favorable) to the coverage that would be provided pursuant to the D&O Insurance.
									
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(j)In all policies of D&O Insurance, Indemnitee shall qualify as an insured in such a manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured (i) of the Company’s independent directors (as defined by the insurer) if Indemnitee is such an independent director; (ii) of the Company’s non-independent directors if Indemnitee is not an independent director; or (iii) of the Company’s officers if Indemnitee is an officer of the Company.  If the Company has D&O Insurance in effect at the time the Company receives from Indemnitee any notice of the commencement of an action, suit or proceeding, the Company shall give prompt notice of the commencement of such action, suit or proceeding to the insurers in accordance with the procedures set forth in the policy.  The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policy.
(k)Subject to Section 15, in the event of any payment by the Company under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee with respect to any insurance policy or any other indemnity agreement covering Indemnitee.  Indemnitee shall execute all papers required and take all reasonable 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 in accordance with the terms of such insurance policy.  The Company shall pay or reimburse all expenses actually and reasonably incurred by Indemnitee in connection with such subrogation.
(l)Subject to Section 15, the Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder (including, without limitation, judgments, fines and amounts paid in settlement) if and to the extent that Indemnitee has otherwise actually received such payment under this Agreement or any insurance policy, contract, agreement or otherwise (and, for the avoidance of doubt, in no event shall Indemnitee receive any “double recovery” and if Indemnitee shall, notwithstanding the terms set forth herein, receive a “double recovery,” Indemnitee shall be required to promptly return to the Company or any designee thereof following a written request therefor any portion of any amounts paid thereto that represents such “double recovery” as determined in good faith by the Company).
Section 5.Certain Definitions.  For purposes of this Agreement, the following definitions shall apply:
(m)The term “action, suit or proceeding” shall be broadly construed and shall include, without limitation, the investigation, preparation, prosecution, defense, settlement, arbitration and appeal of, and the giving of testimony in, any threatened, pending or completed claim, counterclaim, cross claim, action, suit, arbitration, alternative dispute mechanism or proceeding, whether civil, criminal, administrative or investigative.
(n)The term “by reason of the fact that Indemnitee is or was or has agreed to serve as a director or officer of the Company, or while serving as a director or officer of the Company, is or was serving or has agreed to serve at the request of the Company as a director, officer, employee or agent (which, for purposes hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise” shall be broadly construed and shall include, without limitation, any actual or alleged act or omission to act by 
									
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Indemnitee in any of the foregoing capacities or by virtue of Indemnitee’s status as such.
(o)The term “expenses” shall be broadly construed and shall include, without limitation, all direct and indirect reasonable costs of any type or nature whatsoever (including, without limitation, all reasonable attorneys’ fees, costs and expenses and related disbursements, appeal bonds, other out-of-pocket costs, retainers, court costs, transcript costs, fees of experts and other professionals, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties and reasonable compensation for time spent by Indemnitee for which Indemnitee is not otherwise compensated by the Company or any third party), actually and reasonably incurred by Indemnitee in connection with either the investigation, defense or appeal of an action, suit or proceeding or establishing or enforcing a right to indemnification under this Agreement or otherwise incurred in connection with a claim that is indemnifiable hereunder.
(p)The term “judgments, fines and amounts paid in settlement” shall be broadly construed and shall include, without limitation, all direct and indirect payments of any type or nature whatsoever, as well as any penalties or excise taxes assessed on a person with respect to an employee benefit plan, provided, however, that Company shall not be required to make any payment which leaves Indemnitee in a better position than the Indemnitee was in before the action, suit, or proceeding.
Section 6.Limitation on Indemnification.  Notwithstanding any provision of this Agreement to the contrary, the Company shall not be obligated pursuant to this Agreement:
(q)Proceedings Initiated by Indemnitee.  To indemnify or advance expenses to Indemnitee with respect to an action, suit or proceeding (or part thereof) initiated by or on behalf of Indemnitee unless (i) such indemnification or advancement is expressly required to be made by law, (ii) such action, suit or proceeding (or part thereof) was authorized or consented to in writing by the Board of Directors or (iii) with respect to an advancement of expenses, such action, suit or proceeding is brought to establish or enforce a right to indemnification or advancement of expenses under this Agreement, the Company’s certificate of incorporation, the Company’s bylaws or any other statute or law in advance of a final determination or, in the case of indemnification, such indemnification is required by the last sentence of Section 3(d).  
									
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(r)Section 16(b) and Clawback Matters.  To indemnify Indemnitee for (i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or similar provisions of state statutory law or common law, (ii) any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act) or (iii) any reimbursement of the Company by Indemnitee of any compensation pursuant to (A) any compensation recoupment or clawback policy adopted by the Board of Directors or the compensation (or other) committee of the Board of Directors (including but not limited to any such policy adopted to comply with stock exchange listing requirements implementing Section 10D of the Exchange Act) or (B) any contractual or other arrangement entered into or binding on Indemnitee that contemplates recoupment or clawback or similar obligations.
(s)Prohibited by Law or Public Policy.  To indemnify or advance expenses to Indemnitee in any circumstance where such indemnification has been determined to be prohibited by law by a final (not interlocutory) judgment or other adjudication of a court or arbitration or administrative body of competent jurisdiction as to which there is no further right or option of appeal or the time within which an appeal must be filed has expired without such filing.
Section 7.Change in Control.
(t)The Company agrees that if there is a change in control of the Company, then with respect to all matters thereafter arising concerning the rights of Indemnitee to indemnification and advancement of expenses under this Agreement, any other agreement or the Company’s certificate of incorporation or bylaws now or hereafter in effect, the Company shall seek legal advice only from independent counsel.  In addition, upon written request by Indemnitee for indemnification pursuant to Section 1 or Section 3(a), a determination, if required by the NYBCL, with respect to Indemnitee’s entitlement thereto shall be made by such independent counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee.  The Company agrees to pay the reasonable fees of the independent counsel referred to above and to indemnify fully such counsel against any and all expenses (including attorneys’ fees, costs and expenses), claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.
(u)For purposes of this Section 7, the following definitions shall apply:
(i)A “change in control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following: (A) any person or group, within the meaning of Section 13(d)(3) of the Exchange Act, obtains ownership, directly or indirectly, of (x) more than 50% of the total voting power of the outstanding capital stock of the Company or applicable successor entity (including any securities convertible into, or exercisable or exchangeable for such capital stock) or (y) all or substantially all of the assets of the Company and its Subsidiaries on a consolidated basis; (B) during any period of two consecutive years 
									
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(not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board of Directors, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in Sections 7(b)(i)(A), 7(b)(i)(C) or 7(b)(i)(D) or a director whose initial nomination for, or assumption of office as, a member of the Board of Directors occurs as a result of an actual or threatened solicitation of proxies or consents for election or removal of one or more directors by any person or group other than a solicitation for the election of one or more directors by or on behalf of the Board of Directors) whose election to the Board of Directors or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the members of the Board of Directors; (C) the effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation that would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such surviving entity; and (D) the approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets.  For purposes of this Section 7(b)(i) only, “person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that “person” shall exclude (a) the Company, (b) any trustee or other fiduciary holding securities under an employee benefit plan of the Company and (c) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.
(ii)The term “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: (A) the Company or Indemnitee in any matter material to either such party or (B) any other party to the action, suit or 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.
(iii)The term “Subsidiary” means, with respect to the Company (or an applicable successor entity), any corporation, partnership, limited liability company, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors or other governing persons or bodies thereof is at the time owned or controlled, directly or indirectly, by the Company or one or 
									
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more of the other Subsidiaries of the Company or a combination thereof, or (ii) if a partnership, limited liability company, association or other business entity, a majority of the partnership, limited liability company or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by the Company or one or more of the other Subsidiaries of the Company or a combination thereof.  For purposes hereof, the Company or its applicable Subsidiary shall be deemed to have a majority ownership interest in a partnership, limited liability company, association or other business entity if the Company or such applicable Subsidiary shall be allocated a majority of partnership, limited liability company, association or other business entity gains or losses or shall be or control the managing director, managing member, manager or general partner of such partnership, limited liability company, association or other business entity.
Section 8.Certain Settlement Provisions.  Notwithstanding anything to the contrary set forth herein, the Company shall have no obligation to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any action, suit or proceeding without the Company’s prior written consent.  The Company shall not, without Indemnitee’s prior written consent, settle any action, suit or proceeding in any manner that would attribute to Indemnitee any admission of civil or criminal liability or that would result in the imposition of any fine or penalty or other obligation or restriction on Indemnitee unless such fine, penalty or obligation is satisfied by the Company in accordance with the terms set forth herein.  Neither the Company nor Indemnitee will unreasonably withhold, condition or delay his, her or its consent to any proposed settlement.
Section 9.Savings Clause.  If any provision or provisions (or portion thereof) of this Agreement shall be invalidated or held to be unenforceable on any ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify Indemnitee if Indemnitee was or is a party to, is threatened to be made a party to, or is otherwise involved in, as a witness or otherwise, any threatened, pending or completed action, suit or proceeding (brought in the right of the Company or otherwise), whether civil, criminal, administrative or investigative and whether formal or informal, including any and all appeals, by reason of the fact that Indemnitee is or was or has agreed to serve as a director or officer of the Company, or while serving as a director or officer of the Company, is or was serving or has agreed to serve at the request of the Company as a director, officer, employee or agent (which, for purposes hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise, or by reason of any action alleged to have been taken or omitted by Indemnitee in any such capacity, from and against all Losses suffered by, or incurred by or on behalf of, Indemnitee in connection with such action, suit or proceeding, including any appeals, to the fullest extent permitted by any applicable portion of this Agreement that shall not have been invalidated or held to be unenforceable.
Section 10.Contribution.  In order to provide for just and equitable contribution in circumstances in which the indemnification provided for herein is held by a court of competent jurisdiction to be unavailable to Indemnitee in whole or in part, it is agreed that, in such event, the Company shall, to the fullest extent permitted by law, contribute to the payment of all Losses suffered by, or incurred by or on behalf of, Indemnitee in connection with any action, suit or proceeding, including any appeals, in an amount that is just and equitable in the circumstances in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or 
									
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transaction(s) giving cause to such actions, suit or proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s); provided that, without limiting the generality of the foregoing, such contribution shall not be required where such holding by the court is due to any limitation on indemnification set forth in this Agreement, including Section 4(e), Section 6 or Section 8.  
Section 11.Form and Delivery of Communications.  All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered by hand, upon receipt by the party to whom said notice or other communication shall have been directed, (b) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed, (c) mailed by reputable overnight courier, one day after deposit with such courier and with written verification of receipt, or (d) sent by email (provided no “bounceback” or similar message indicating non-delivery).  Notice to the Company shall be directed to Executive Vice President, Chief Corporate Development Officer and Chief Legal Officer, email: louie.pastor@xerox.com.  Notice to Indemnitee shall be directed to _    __, email: _     _@_______.com.
Section 12.Nonexclusivity.  The provisions for indemnification to or the advancement of expenses and costs to Indemnitee under this Agreement shall not limit or restrict in any way the power of the Company to indemnify or advance expenses to Indemnitee in any other way permitted by law or be deemed exclusive of, or invalidate, any right to which any indemnitee seeking indemnification or advancement of expenses may be entitled under any law, the Company’s certificate of incorporation or bylaws, other agreements or arrangements, vote of stockholders or disinterested directors or otherwise, both as to action in Indemnitee’s capacity as an officer, director, employee or agent of the Company and as to action in any other capacity.  Indemnitee’s rights hereunder shall inure to the benefit of the heirs, executors and administrators of Indemnitee.
Section 13.Defenses.  In (i) any action, suit or proceeding brought by Indemnitee to enforce a right to indemnification hereunder (but not in an action, suit or proceeding brought by Indemnitee to enforce a right to an advancement of expenses) it shall be a defense that, and (ii) any action, suit or proceeding brought by the Company to recover an advancement of expenses pursuant to the terms of an undertaking by Indemnitee pursuant to Section 2, the Company shall be entitled to recover such expenses upon a final adjudication that, Indemnitee has not met any applicable standard for indemnification set forth in this Agreement or the NYBCL.  Neither the failure of the Company (including its directors who are not parties to such action, a committee of such directors, independent legal counsel or the Company’s shareholders) to have made a determination prior to the commencement of such suit that indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the applicable standard of conduct set forth in this Agreement or the NYBCL, nor an actual determination by the Company (including its directors who are not parties to such action, a committee of such directors, independent legal counsel or the Company’s stockholders) that Indemnitee has not met such applicable standard of conduct, shall create a presumption that Indemnitee has not met the applicable standard of conduct or, in the case of such a suit brought by Indemnitee, be a defense to such suit.
									
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Section 14.No Construction as Employment Agreement.  Nothing contained herein shall be construed as giving Indemnitee any right to be retained as a director or officer of the Company or in the employ of the Company or any other entity.  For the avoidance of doubt, the indemnification and advancement of expenses provided under this Agreement shall continue as to Indemnitee even though he or she may have ceased to be a director, officer, employee or agent of the Company or ceased to serve at the request of the Company as a director, officer, employee or agent (which, for purposes hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise.
Section 15.Jointly Indemnifiable Claims.
(a)Given that certain jointly indemnifiable claims may arise due to the service of Indemnitee as a director and/or officer of the Company at the request of Indemnitee-related entities (as defined below), the Company acknowledges and agrees that the Company shall be fully and primarily responsible for payments to Indemnitee in respect of indemnification or advancement of expenses in connection with any such jointly indemnifiable claims pursuant to and in accordance with the terms of this Agreement, irrespective of any right of recovery Indemnitee may have from Indemnitee-related entities.  Under no circumstance shall the Company be entitled to any right of subrogation or contribution by Indemnitee-related entities, and no right of advancement or recovery Indemnitee may have from Indemnitee-related entities shall reduce or otherwise alter the rights of Indemnitee or the obligations of the Company hereunder (but, without limiting the rights of any Indemnitee-related entity hereunder, Indemnitee shall in no event receive a “double recovery” in respect of any matter subject to indemnification or payment or reimbursement of expenses hereunder).  In the event that any Indemnitee-related entity shall make any payment to Indemnitee in respect of indemnification or advancement of expenses with respect to any jointly indemnifiable claim, the Indemnitee-related entity making such payment shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee against the Company, and Indemnitee shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution of such documents as may be necessary to enable Indemnitee-related entities effectively to bring suit to enforce such rights.  The Company and Indemnitee agree that each Indemnitee-related entity shall be a third-party beneficiary with respect to this Section 15(a) and entitled to enforce this Section 15(a) as though each such Indemnitee-related entity were a party to this Agreement.
(b)For purposes of this Section 15, the following terms shall have the following meanings:
(i)The term “Indemnitee-related entities” means any corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise (other than the Company or any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise Indemnitee has agreed, on behalf of the Company or at the Company’s request, to serve as a director, officer, employee or agent and which service is covered by the indemnity described in this Agreement) from whom an Indemnitee may be entitled to indemnification or advancement of expenses with respect to which, in whole or in part, the Company may also have an indemnification or advancement obligation (other than as a result of obligations under an insurance policy).
									
		-11-
	

(ii)The term “jointly indemnifiable claims” shall be broadly construed and shall include, without limitation, any action, suit or proceeding for which Indemnitee shall be entitled to indemnification or advancement of expenses from both the Company and any Indemnitee-related entity pursuant to the NYBCL, any agreement or the certificate of incorporation, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or comparable organizational documents of the Company or Indemnitee-related entities, as applicable.
Section 16.Interpretation of Agreement.  It is understood that the parties hereto intend this Agreement to be interpreted and enforced so as to provide, in each instance, indemnification and advancement of expenses to Indemnitee to the fullest extent permitted by the NYBCL, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the fullest extent permitted by law).  Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import.
Section 17.Entire Agreement.  This Agreement and the documents expressly referred to herein (including, without limitation, the Company’s certificate of incorporation and bylaws) constitute the entire agreement between the parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous oral or written understandings or agreements with respect to the matters covered hereby are expressly superseded by this Agreement.
Section 18.Modification and Waiver.  No supplement, modification, waiver or amendment of this Agreement shall be binding unless executed in writing by the parties hereto.  No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.  For the avoidance of doubt, (a) this Agreement may not be modified or terminated by the Company without Indemnitee’s prior written consent; (b) no amendment, alteration or interpretation of the Company’s certification of incorporation or bylaws or any other agreement or arrangement shall limit or otherwise adversely affect the rights provided to Indemnitee under this Agreement and (c) a right to indemnification or to advancement of expenses arising under a provision of the Company’s certification of incorporation or bylaws or this Agreement shall not be eliminated or impaired by an amendment to such provision after the occurrence of the act or omission that is the subject of the action, suit or proceeding for which indemnification or advancement of expenses is sought.
Section 19.Successor and Assigns.  All of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives.  The Company shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company, by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.
									
		-12-
	

Section 20.Service of Process and Venue.  The Company and the Indemnitee hereby irrevocably and unconditionally (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought in New York State Supreme Court located in New York County in the State of New York or, if such court lacks jurisdiction, the United States District Court for the Southern District of New York (or if such state and federal courts lack jurisdiction, in any other state or federal court located in the State of New York) or any appellate court thereof (any such court, a “Chosen Court”), (b) consent to submit to the exclusive jurisdiction of the Chosen Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (c) appoint, to the extent such party is not otherwise subject to service of process in the State of New York, Corporation Service Company, as its agent in the State of New York for acceptance of legal process in connection with any such action or proceeding against such party with the same legal force and validity as if served upon the Company personally within the State of New York, (d) waive any objection to the laying of venue of any such action or proceeding in the Chosen Court and (e) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Chosen Court has been brought in an improper or inconvenient forum.
Section 21.Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws thereof.  If, notwithstanding the foregoing, a court of competent jurisdiction shall make a final determination that the provisions of the law of any state other than New York govern indemnification by the Company of Indemnitee, then the indemnification provided under this Agreement shall in all instances be enforceable to the fullest extent permitted under such law, notwithstanding any provision of this Agreement to the contrary.
Section 22.Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument, notwithstanding that both parties are not signatories to the original or same counterpart.
Section 23.Headings and Section References.  The section and subsection headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.  Section references are to this Agreement unless otherwise specified.

[Signature Page Follows]

									
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This Indemnification Agreement has been duly executed and delivered to be effective as of the date first written above.

						
		XEROX HOLDINGS CORPORATION

By:____________________________

Title:

		
		INDEMNITEE:

_______________________________
Name:

[Signature Page to Indemnification Agreement]exhibit10-2seperationagr

  7800 Walton Parkway  New Albany OH  43054  US_ACTIVE\122272905\V-2      Exhibit 10.2  September 13, 2022    Mr. Christopher Bohnert,    Re: Separation Agreement and General Release    Dear Chris:      This Separation Agreement (“Agreement”) serves as the understanding and mutual intent of both parties to facilitate an amicable  separation between you and the Company (as hereinafter defined).  This Agreement is made on behalf of, and for the benefit of,  Commercial Vehicle Group, Inc., and any and all directly or indirectly owned subsidiaries and affiliated companies of Commercial  Vehicle Group, Inc., and all of their past and present officers, directors, employees, agents (all in both their individual and official  capacities), parent companies, subsidiary companies, predecessors, partners, members, affiliates, principals, insurers, and any  and all employee benefit plans (and any fiduciary of such plans) sponsored by the aforesaid entities (all of which are collectively  referred to herein as the “Company”).  Please read this document carefully as it will outline the terms of all the agreements we  have made:    1. Record of Separation –The Company will record your separation from the Company in your role as the Chief Financial  Officer effective October 11, 2022 as a “termination by the Company without Cause” pursuant to the CIC Agreement (as  defined in Section 2 below) and from October 12, 2022 until December 31,, 2022 you will be employed with the current  salary and benefits and serve in an advisory role (the “Advisory Role”) reporting to the then current Chief Financial  Officer. If the Advisory Role is terminated by either party, with ten business days’ notice, prior to December 31, 2022,  such date or December 31, 2022, whichever is earlier, shall be your “Separation Date”.    2. Severance – Pursuant only to that certain Change in Control & Non-Competition Agreement dated March 8, 2021  between you and the Company (the “CIC Agreement”), the Company will continue to pay you your salary in accordance  with the Company’s payroll practices for a period of twelve (12) months from January 1, 2023 to December 31, 2023,  subject to the terms of the CIC Agreement.      3. 2022 Annual Incentive Plan Payment – Pursuant to your CIC Agreement, you will be eligible for the payment of the 2022  annual incentive plan payment, if earned, and such annual incentive plan payment will be paid in 2023 when awards are  finalized and paid to all plan participants (“Bonus Pay”). Your Bonus Pay will be a pro-rated amount through your  Separation Date.     4. Unvested Restricted Shares – A portion of unvested restricted shares granted to you will vest on your Separation Date  pursuant to Section 5 of this Agreement.    5. Advisory Role – From October 12, 2022 to your Separation Date, in your Advisory Role, you will be paid pursuant to  Section 1 above. Your work schedule during your Advisory Role shall be mutually agreed to between you and the then  current Chief Financial Officer; provided that your time spent in the office shall be no greater than three days per week  or as agreed between the parties; however, you shall work a total of forty (40) hours per week. Additionally, it is  understood that you will be on vacation from October 12, 2022 to October 20, 2022 (with no further vacation time  available through your Separation Date), and be available to work remotely on October 21, 2022. Additionally, as  additional consideration for you service in the Advisory Role, if the Company terminates your employment prior to  December 31, 2022, or you serve in the Advisory Role through December 31, 2022, the Company agrees to vest, as of  December 31, 2022, 6,376 shares from your 2021 restricted share grant and 7,545 shares of your 2022 restricted  share grant.      

 

Page 2 of 6           7800 Walton Parkway  7800 Walton Parkway  New Albany OH  43054  US_ACTIVE\122272905\V-2  6. Long Term Incentives –Any unvested restricted cash not already paid to you as of the date of this Agreement shall be  forfeited in accordance with the governing plan documents.      7. Confidentiality and Mutual Non-Disparagement.    a. This Agreement – As both parties understand, confidentiality in these types of matters is very important.  The  Company agrees the officers of the Company and any others who are explicitly authorized by the officers of the  Company to speak on behalf of the Company will not make any comments relating to you and/or your employment  with the Company, which are negative, false, critical, derogatory, or which may tend to injure you and/or your role  with the Company. You also agree that you shall not make any comments relating to the Company or anyone  associated with the Company, which are negative, false, critical, derogatory, or which may tend to injure the  business of the Company.  In addition, you agree that you shall not disparage or speak negatively about the  Company or anyone associated with it (except as required or permitted by law, such as a charge or participation in  a proceeding before the EEOC or state FEP agency).    b. CVG Business Information – We recognize that confidential business and/or customer information (“Confidential  Information”) has been disclosed to you by the Company.  Included in such Confidential Information is information  about the Company and its due business practices, such as business plans and financial information; employee  and customer information (including but not limited to customers of the Company developed by you or others during  your employment); technical, and marketing plans, records, data systems, software, methods of operation, pricing,  vendor and customer lists and information; all processes, developments, techniques, procedures, and ideas used  or developed by the Company; and any and all other information that as a matter of practice should or would be  deemed Confidential Information, unless it is otherwise publicly disclosed by the Company.  You understand and  agree that at all times you: (i) shall keep such information confidential; (ii) shall not disclose or communicate any  such Confidential Information to any third party; and (iii) shall not make use of any Confidential Information on your  own behalf, or on behalf of any third party.     8. Future Cooperation.  You agree to cooperate with the Company in support of its business interests on any matter arising  out of your employment; respond and provide information for reasonable information requests about subjects worked on  during your employment; cooperate to facilitate an orderly transition of your job duties to a successor employee; and to  provide information truthfully in connection with any claim, investigation, or litigation in which the Company deems your  cooperation is needed.  The Company will reimburse you for reasonable and customary expenses that you incur in  connection with you providing such cooperation as requested in writing by the Company.  Unless it is not permissible by  law, in the event that a subpoena or document request is served upon you, you will immediately notify the Company and  provide copies of any relevant documents to the Company.     9. Non-competition and Non-solicitation.    a. By entering into this Agreement, you acknowledge the Confidential Information has been and will be developed and  acquired by the Company by means of substantial expense and effort, that the Confidential Information is a valuable  asset of the Company, that the unauthorized disclosure or misuse of the Confidential Information to anyone would  cause substantial and irreparable injury to the Company.      b. In exchange for consideration paid or to be paid to you under the CIC Agreement and the additional considerations  specified in this Agreement, the adequacy of which you expressly acknowledge, you agree that during your  employment by the Company, and for a period of twelve (12) months following your separation, you shall not, directly  or indirectly, as an owner, shareholder, officer, employee, manager, consultant, independent contractor, or  otherwise:    i. Directly or indirectly call on, induce, solicit or take away, or attempt to call on, induce, solicit, or  take away, in connection with or on behalf of any activity in competition with the Company’s  then-current business, any person or entity who was a vendor, customer, or prospective  customer of the Company, for the purpose or result that the vendor, customer, or prospective  

 

Page 3 of 6           7800 Walton Parkway  7800 Walton Parkway  New Albany OH  43054  US_ACTIVE\122272905\V-2  customer purchase from, use or employ the products or services of any person or entity other  than the Company; or  ii. Contact any employee of the Company for the purpose of discussing or suggesting that such  employee resign from employment with the Company for the purpose of becoming employed  elsewhere or provide information about individual employees of the Company or personnel  policies or procedures of the Company to any person or entity, including any individual, agency  or company engaged in the business of recruiting employees, executives or officers; or  iii. Own, manage, operate, join, control, be employed by, consult with or participate in the  ownership, management, operation or control of, or be connected with (as a stockholder,  partner, or otherwise), any business, individual, partner, firm, corporation, or other entity that  competes or plans to compete, directly or indirectly, with the Company, its products, or any  division, subsidiary or affiliate of the Company; provided, however, that your “beneficial  ownership,” either individually or as a member of a “group,” as such terms are used in Rule 13d  of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended  (the “Exchange Act”), of not more than two percent (2%) of the voting stock of any publicly held  corporation, shall not be in violation of this Agreement.    c. The covenants contained in this Section 8 shall be construed as independent of any other provisions or covenants,  and the existence of any claim or cause of action by you against the Company, whether predicated on this  Agreement or otherwise, or the actions of the Company with respect to enforcement of similar restrictions as to  other employees, shall not constitute a defense to the enforcement by the Company of the covenants.    You acknowledge and agree that the Company has invested great time, effort and expense in its business and  reputation, and that the services performed by you, and the information divulged to you, are unique and  extraordinary, and you agree that the Company shall be entitled, upon a breach of this Section of this Agreement,  to injunctive relief against such activities, or any other remedies available to the Company at law or equity.  If you  shall have breached any of the provisions of this Agreement, and if the Company shall bring legal action for  injunctive relief, such relief shall, at a minimum, have the duration specified in this Agreement, commencing from  the date such relief is granted, but reduced only by the period of time elapsed between the termination date and  your first breach of this Agreement.  The obligations contained in this Agreement shall survive the termination of the  employment relationship.  Any specific right or remedy set forth in this Agreement, legal, equitable or otherwise,  shall not be exclusive, but shall be cumulative upon all other rights and remedies set forth herein, or allowed or  allowable by this Agreement, the CIC Agreement or by law.  The failure of the Company to enforce any of the  provisions of this Agreement, any other agreement with you, or the provisions of any agreement with any other  employee, shall not constitute a waiver or limit any of the rights of the Company.    You agree that the Company has attempted to limit your right to compete only to the extent necessary to protect  the Company from unfair competition.  We further agree that if for any reason the restrictions set forth above are  too broad or otherwise unenforceable at law, then they, or any one of them, shall be reduced to such area, time, or  terms, as shall be legally enforceable.  If it is judicially determined that this Agreement, or any portion thereof, is  illegal or offensive under any applicable law (statute, common law, or otherwise), then it is hereby agreed the non- competition covenant shall be revised and shall be in full force and effect to the full extent permitted by law.  By this  Agreement, we intend to have this Agreement not to compete and not to solicit be in full force and effect to the  greatest extent permissible.    10. Release of Claims.  This is a release of claims against the Company and those associated with it.  Please read it  carefully:  In exchange for the commitments by the Company as provided for in this Agreement, you agree (for yourself,  your heirs, executors, and assignees) to fully release and waive any claims or rights, of any kind or nature whatsoever,  whether known or unknown, that you may have against the Company, and/or any of its employees, officers, directors,  insurers, or agents (both as representatives of the Company and in their individual capacities), which may exist or have  arisen up to and including the date of this Agreement.  The claims and rights which are waived and released include any  that arise out of your employment or relationship with the Company, or any of its representatives, and the cessation of  your employment, except for enforcement of this Agreement.  Although there may be others, some of the specific claims  which are released are all claims of any nature that may exist with respect to violation of any legal obligations,  

 

Page 4 of 6           7800 Walton Parkway  7800 Walton Parkway  New Albany OH  43054  US_ACTIVE\122272905\V-2  compensation, company policies, contract obligations, whistleblower status, retaliation, torts or public policy, and/or  unlawful discrimination, whether on the basis of race, creed, color, national origin, disability, age, sex, harassment, or  other protected characteristic.  (This release and waiver specifically includes any claims of age discrimination under the  Federal Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, or otherwise.  This release  and waiver specifically does not include any claim related to the enforcement of this Agreement.)  You certify and warrant  that, to the best of your knowledge, you have not suffered any workplace injury while in the Company’s employ, other  than those regarding which the Company is already on notice; have received all leave time to which you are or were  entitled; and have been paid for all hours worked and properly compensated for all hours worked in excess of forty (40)  hours per week if applicable.  You also certify and warrant that you have not filed, caused to be filed, and presently are  not a party to any claims against the Company, you have not divulged any proprietary or Confidential Information of the  Company, and will continue to maintain the confidentiality of such information, you have been paid and/or received or  will be paid and/or will receive  pursuant to this Agreement all compensation, commissions, overtime pay, wages,  bonuses, PTO and vacation, benefits, and other compensation to which you were entitled during your employment, you  have been granted any leaves of absence to which you were entitled, under the federal FMLA and disability laws, and in  compliance with the Company’s policies, and you have been paid all amounts due to you (including bonus, merit increase,  or otherwise) in connection with any absences, you are not aware of any facts or conduct to suggest that that the  Company ( its employees, officers, directors, insurers, or agents (as representatives of the Company) has or have  engaged in any improper or fraudulent conduct with respect to the U.S. government or any other government agency,  and to your  knowledge you have not engaged in, and are not aware of, any unlawful conduct related to any of the  Company’s business activities.      Nothing herein will preclude you from filing a charge of discrimination with the Equal Employment Opportunity  Commission; however, you expressly waive and release any right you may have to any remedy resulting from such a  charge, or any action or suit, that may be instituted on your behalf against the Company by the Equal Employment  Opportunity Commission, or any other governmental agency, or in any class or collective action.  Additionally, nothing in  this Agreement shall affect or release any vested rights and interests you may have in any company-sponsored  retirement or pension plan; nor is anything in this Agreement intended to create or enlarge rights to benefits under any  such plan.  No money shall be paid under this Agreement until you have executed this Agreement, including its release  and waiver of all employment related claims (except enforcement of this Agreement), in favor of the Company within the  time limit set by the Company, and you do not revoke this Agreement within the revocation period set forth herein.      11. Other Agreements.  Irrespective of the terms of any other agreements between you and the Company, you expressly  agree that subject to the Company’s payment obligations of this Agreement, the Company shall have no further  obligations to pay you any amounts under any such agreements.      Nothing in this Agreement is intended to supersede any other Non-Competition, Non-Solicitation and Confidentiality  Agreements between you and the Company, including, without limitation, the covenants and other provisions protecting  the Company in the CIC Agreement. For avoidance of doubt, you specifically agree and acknowledge (i) that the non- competition, non-solicitation and confidentiality provisions of this Agreement are in addition to any such provisions in any  other agreements between you and the Company and (ii) your obligations under the CIC Agreement survive your  termination, remain in full force and effect and are hereby re-affirmed by you, including, without limitation, obligations  related to the Company’s Confidential Information, inventions, and post-termination Non-competition and Non-solicitation  provisions thereof, respectively.       12. Period for Review and Right to Revoke.  Although we have discussed this Agreement at some length, please feel free  to take up to twenty-one (21) days, to consider this Agreement.  In addition, if you should change your mind for any  reason after executing this Agreement, you may rescind the Agreement anytime within seven (7) days after the date of  your signature.  To be effective, any such rescission must be in writing, postmarked, or delivered before the expiration  of the seven (7) day period, to me as provided for in this Agreement.  You may use as much or as little of this time as  you desire; however, as I am sure you understand, no payments or insurance can be continued beyond your last day  worked until you have confirmed your agreement.  You are encouraged to talk to anyone, including legal counsel, for  advice prior to signing this Agreement.    

 

Page 5 of 6           7800 Walton Parkway  7800 Walton Parkway  New Albany OH  43054  US_ACTIVE\122272905\V-2  13. Miscellaneous.    a. Other than as stated herein, the Parties acknowledge and agree that no promise or inducement has been offered  for this Agreement and no other promises or agreements shall be binding, unless reduced to writing and signed by  the Parties.  Nothing in this Agreement shall be construed to admit or imply that the Company, or anyone associated  with it, has acted wrongfully in any way, and all such claims are being specifically denied.    b. Both you and the Company agree that if either Party breaches any term of this Agreement and either Party  successfully enforces any term/right under this Agreement through legal process of any kind (other than an action  regarding the waiver and release under the federal age Act or the Older Workers Benefit Protection Act), then the  successful party shall be entitled to recover, from the other, its costs and expenses of such enforcement, including  reasonable attorney’s fees.  You and the Company agree that Ohio law shall govern any dispute arising under this  Agreement, that any legal action or proceedings with respect to this Agreement must be initiated in the state or  federal court located in Franklin County, State of Ohio, and that the Company and you hereby agree to subject  themselves to the jurisdiction of the federal and state courts of Ohio with respect to any such legal action or  proceedings.  Notwithstanding the foregoing, with respect to any action which includes injunctive relief, or any action  for the recovery of any property, the Company may bring such action in any state or location which has jurisdiction.    c. This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended  (Section 409A), or an exemption thereunder, and shall be construed and administered in accordance with Section  409A, if applicable.  Notwithstanding any other provision of this Agreement, payments provided under this  Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable  exemption.  Any payments under this Agreement that may be excluded from Section 409A either as separation pay  due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A either  as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from  Section 409A to the maximum extent possible.  For purposes of Section 409A, each installment payment provided  under this Agreement shall be treated as a separate payment.  Any payments to be made under this Agreement  upon a separation of employment shall only be made upon a “separation from service” under Section 409A.   Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided  under this Agreement comply with Section 409A, and in no event shall the Company be liable for all or any portion  of any taxes, penalties, interest, or other expenses that may be incurred by you on account of non-compliance with  Section 409A.    THIS SEPARATION AGREEMENT AND RELEASE IS A LEGALLY BINDING DOCUMENT WITH IMPORTANT LEGAL  CONSEQUENCES, INCLUDING A RELEASE OF ALL CLAIMS, KNOWN AND UNKNOWN.  YOU HAVE THE RIGHT TO REVOKE  THIS AGREEMENT WITHIN SEVEN (7) CALENDAR DAYS AFTER SIGNING IT, BY DELIVERING WRITTEN NOTICE OF  REVOCATION TO Ms. Kristin Mathers, Chief Human Resources Officer, Commercial Vehicle Group, Inc., 7800 Walton Parkway,  New Albany, Ohio 43054, USA.  IT IS RECOMMENDED THAT YOU CONSULT YOUR OWN ATTORNEY BEFORE SIGNING THIS  DOCUMENT.  BY SIGNING BELOW, YOU ACKNOWLEDGE THAT YOU HAVE READ, FULLY UNDERSTAND AND  VOLUNTARILY AGREE TO ALL OF THE PROVISIONS CONTAINED IN THIS AGREEMENT AND RELEASE.    

 

Page 6 of 6           7800 Walton Parkway  7800 Walton Parkway  New Albany OH  43054  US_ACTIVE\122272905\V-2  YOU UNDERSTAND THAT, BY SIGNING THIS AGREEMENT AND RELEASE AND ACCEPTING THE CONSIDERATION  DESCRIBED IN THIS AGREEMENT, YOU ARE FOREVER GIVING UP THE RIGHT TO SUE THE RELEASEES, AND ANYONE  ELSE ASSOCIATED WITH THEM, FOR ANY CLAIMS, OF ANY TYPE, THAT YOU MIGHT HAVE AGAINST ANY OF THEM,  INCLUDING CLAIMS BASED ON YOUR EMPLOYMENT OR YOUR SEPARATION, THAT HAVE OCCURRED UP TO AND  INCLUDING THE MOMENT YOU SIGN THIS AGREEMENT.    IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date(s) set forth below.    Employee     Commercial Vehicle Group, Inc.    _/s/ Christopher Bohnert____________  _/s/ Kristin Mathers_____________  Christopher Bohnert    By: Kristin Mathers        Chief Human Resources Officer  Date: ___9/14/2022____________    Date: __9/14/2022_________

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