Document:

Exhibit
10.3

 

CERTIFICATE
OF DESIGNATION, PREFERENCES, RIGHTS AND

LIMITATIONS
OF SERIES H CONVERTIBLE PREFERRED STOCK OF TRANSPORTATION AND LOGISTICS SYSTEMS, INC.

 

I,
Sebastian Giordano, hereby certify that I am the Chief Executive Officer of Transportation and Logistics Systems, Inc. (the “Corporation”),
a corporation organized and existing under the Nevada Revised Statutes, and further do hereby certify:

 

That
pursuant to the authority expressly conferred upon the Board of Directors of the Corporation (the “Board”) by the
Corporation’s Articles of Incorporation (the “Articles of Incorporation”), the Board, on September 16, 2022,
adopted the following Certificate of Designation, Preferences, Rights and Limitations of Series H Convertible Preferred Stock of the
Corporation (the “Certificate of Designation”) for a series of shares of preferred stock designated as Series H Convertible
Preferred Stock (the “Series H”), none of which shares has been issued previously:

 

Series
H Convertible Preferred Stock

 

The
Corporation hereby designates a series of preferred stock, consisting of 35,000 shares, as Series H Convertible Preferred Stock
and fixes the rights, powers, preferences, privileges and restrictions relating to such series, in addition to any set forth in the Articles
of Incorporation, as follows:

 

1.
Voting Rights. Except as otherwise specifically provided by law, the Articles of Incorporation or this Certificate of Designation,
the holders of Series H (each a “Holder” and, collectively, the “Holders”) shall have no voting
rights, but in in the case of a non-waivable right to vote, each share of Series H shall have one vote, and the Holders of Series H shall
vote together with the holders of the Corporation’s common stock, par value $0.001 per share (the “Common Stock”),
as a single class. The voting rights of each Holder shall be subject to the Beneficial Ownership Limitation contained in Section 5.

 

2.
Liquidation. Upon the liquidation, dissolution or winding up of the business of the Corporation, whether voluntary or involuntary,
each Holder shall be entitled to receive out of assets of the Corporation legally available therefor the same amount that a holder of
the Corporation’s Common Stock would receive on an as-converted basis (without regard to the Beneficial Ownership Limitation (defined
below) or any other conversion limitations hereunder). The right of a Series H Holder to receive such payment shall be preferential to
the right of holders of Common Stock, but shall be subordinate to the rights of the holder of any other series of preferred stock of
the Corporation. Any distribution in connection with the liquidation, dissolution or winding up of the Corporation, or any bankruptcy
or insolvency proceeding, shall be made in cash to the extent practicable, and otherwise in kind.

 

3.
Remedies, Characterizations. Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Certificate of Designation
shall be cumulative and in addition to all other remedies available under this Certificate of Designation, at law or in equity (including
a decree of specific performance and/or other injunctive relief), no remedy contained herein shall be deemed a waiver of compliance with
the provisions giving rise to such remedy, and nothing herein shall limit a Holder’s right to pursue actual damages for any failure
by the Corporation to comply with the terms of this Certificate of Designation.

 

4.
Conversion. Each share of Series H shall be convertible into 10,000 shares of Common Stock by signed notice to the Corporation
and the Corporation’s transfer agent for Common Stock, subject to the limitations set forth herein.

 

    	 

     

    

 

5.
Conversion Limitations. The Corporation shall not effect any conversion of the Series H, and a Holder shall not have the right
to convert such Series H, to the extent that, after giving effect to the proposed conversion, the Holder (together with the Holder’s
affiliates and any persons acting as a group together with the Holder or any of the Holder’s affiliates) would beneficially own
in excess of the Beneficial Ownership Limitation. For purposes of the foregoing sentence, the number of shares of Common Stock beneficially
owned by the Holder and its affiliates shall include the number of shares of Common Stock issuable upon conversion of the Series H with
respect to which such determination is being made, but shall exclude the number of shares of Common Stock which are issuable upon (i)
conversion of the remaining, unconverted Series H owned by the Holder or any of its affiliates and (ii) exercise or conversion of the
unexercised or unconverted portion of any other securities of the Corporation subject to a limitation on conversion or exercise analogous
to the limitation contained herein beneficially owned by the Holder or any of its affiliates. Except as set forth in the preceding sentence,
for purposes of this Section 5, beneficial ownership shall be calculated in accordance with Section 12(d) of the Securities Exchange
Act of 1934, as amended, and the rules and regulations promulgated thereunder. To the extent that the limitation contained in this Section
5 applies, the determination of whether any Series H is convertible shall be in the sole discretion of the Holder, and the submission
of a notice of conversion shall be deemed to be the Holder’s determination of whether the Series H may be converted, in each case
subject to the Beneficial Ownership Limitation. For purposes of this Section 5, in determining the number of outstanding shares of Common
Stock, the Holder may rely on the number of outstanding shares of Common Stock as stated in the most recent of the following: (i) the
Corporation’s most recent periodic or annual report filed with the SEC, as the case may be, (ii) a more recent public announcement
by the Corporation, or (iii) a more recent written notice by the Corporation or the Corporation’s transfer agent setting forth
the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Corporation shall within one Trading
Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. The “Beneficial Ownership
Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance
of shares of Common Stock issuable upon conversion of this Series H held by the Holder. The Holder and the Corporation, by mutual consent,
may increase or decrease the Beneficial Ownership Limitation provisions of this Section 5, provided that the Beneficial Ownership Limitation
in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of
shares of Common Stock upon conversion of the Series H held by the Holder, and the Beneficial Ownership Limitation provisions of this
Section 5 shall continue to apply. Any such increase or decrease will not be effective until the 61st day after the written approval
of such increase or decrease by the Holder and the Corporation. The Beneficial Ownership Limitation provisions of this paragraph shall
be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 5 to correct this paragraph
(or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation contained herein or
to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this Section
5 shall apply to a successor Holder of the Series H. For the purposes of this Certificate of Designation, the term “Trading
Day” shall mean any day on which the Common Stock is eligible to be traded on the securities exchange or market on which the
Common Stock is then traded, provided that “Trading Day” shall not include any day on which the Common Stock is scheduled
to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final
hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on
such exchange or market, then during the hour ending at 4:00:00 p.m., New York, NY time) unless such day is otherwise designated as a
Trading Day in writing by the Holder.

 

    	 

     

    

 

6.
Stock Dividends and Stock Splits. If the Corporation, at any time while any Series H share is outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions payable in shares of Common Stock on shares of Common Stock, (ii) subdivides outstanding
shares of Common Stock into a larger number of shares, (iii) combines (including by way of a reverse stock split) outstanding shares
of Common Stock into a smaller number of shares, or (iv) issues, in the event of a reclassification of shares of the Common Stock, any
shares of capital stock of the Corporation, then the Conversion ratio set forth in Section 4 above (as previously adjusted under this
Section 6, if applicable) shall be adjusted proportionately. Any adjustment made pursuant to this Section 6 shall become effective immediately
after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective
immediately after the effective date in the case of a subdivision, combination or re-classification.

 

7.
Redeemed or Otherwise Acquired Series H. Any shares of Series H that are redeemed, converted or otherwise acquired by the Corporation
or any of its subsidiaries shall be automatically and immediately cancelled and retired and shall not be reissued, sold or transferred.
Neither the Corporation nor any of its subsidiaries may exercise any voting or other rights granted to the Holders of Series H following
redemption, conversion or acquisition.

 

8.
Non-circumvention. The Corporation hereby covenants and agrees that the Corporation will not, by amendment of its Articles of
Incorporation including by the filing of any Certificate of Designation (however such document is named), bylaws or through any reorganization,
transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this Certificate of Designation, and will at all times in
good faith carry out all the provisions of this Certificate of Designation and take all commercially reasonable action as may be required
to protect the rights of the Holders.

 

9.
Waiver. Except for the conversion limitations set forth in Section 5 of this Certificate of Designation and as otherwise set forth
in this Section 9 of this Certificate of Designation, any of the rights, powers, preferences, privileges, restrictions, qualifications,
limitations and other terms of the Series H set forth herein may be waived on behalf of all Holders of Series H by the written consent
or affirmative vote of at least two-thirds of the outstanding Series H. 

 

10.
Specific Shall Not Limit General. No specific provision contained in this Certificate of Designation shall limit or modify any
more general provision contained herein.

 

    	 

     

    

 

IN
WITNESS WHEREOF, the Corporation has caused this Certificate of Designation to be duly executed by its Chief Executive Officer as of
this 16th day September 2022.

 

	 	TRANSPORTATION AND LOGISTICS
	 	SYSTEMS, INC.
	 	 	 
	 	By:	 /s/
    Sebastian Giordano 
	 	Name:	Sebastian
Giordano
	 	Title:	Chief
Executive Officerexhibit1019302022-item50

84841792v.1  SEPARATION AGREEMENT AND GENERAL RELEASE    This Separation Agreement and General Release (the “Agreement”) is entered into  by and between BigBear.ai, LLC, a Delaware limited liability company (referred to throughout this  Agreement as “Employer” or “ the Company”) and Brian Frutchey (“Employee”).  The term  “Party” or “Parties” as used herein shall refer to Employer, Employee, or both, as may be  appropriate.    1. Last Day of Employment.  Employee’s last day of employment with Employer  will be September 15, 2022 (“Separation Date”). This Agreement is invalid if signed by Employee  prior to Employee’s last date of employment.      2. Separation/Consideration.  In consideration for signing this Agreement, and  complying with its terms, Employer and Employee agree as follows:  (a) Employee’s employment as Chief Technology Officer, as well as  from all other officer, director and employment positions that Employee held at or through the  Company, and any of its parents, subsidiaries or affiliates, ceased effective as of the Separation Date.  Except as approved by the Company in writing, Employee agrees not to hold himself out as a partner,  member, director, officer or employee of, or as otherwise affiliated with, the Company (including  on social media) after the Separation Date. Employee agrees to promptly execute such additional  documentation as requested by the Company to effectuate the foregoing.  (b) Regardless of whether Employee executes this Agreement, the  Company shall timely pay to Employee, minus applicable taxes, withholdings and authorized or  required deductions: (i) all earned, but unpaid, wages and accrued, but unused, vacation time  earned in accordance with applicable law and Company policy through the Separation Date; (ii)  any unpaid expenses or other reimbursements, due to Employee under the Company’s policies,  provided that Employee must submit for reimbursement any outstanding business-related expenses  within ten (10) days following the Separation Date; and (iii) if applicable, a refund of all ESPP  deductions taken during the current offering period as part of the Company’s Employee Stock  Purchase Program that have not been used to purchase shares as of the Separation Date.    (c) Employee will receive under separate cover information regarding  Employee’s rights under the Consolidated Omnibus Budget Reconciliation Act and, if applicable,  any state continuation coverage laws (collectively, “COBRA”). Employee acknowledges that  Employee should review the COBRA notice and election forms carefully to understand  Employee’s rights and obligations to make timely elections, provide timely notification and make  timely premium payments. Except as to any vested benefits or as otherwise provided herein or  required under applicable law, Employee’s right to, and participation in, medical, dental and vision  plans as an employee shall terminate as of the last day of the month that includes the Separation  Date, in accordance with the specific terms of each plan (i.e., September 30, 2022).   (d) Separation Payments. In exchange for Employee’s agreements  provided herein, and provided that Employee complies with this Agreement at all times and the  “ADEA Release” (as defined below) becomes effective pursuant to its terms, (a) within five (5)  business days after the ADEA Release becomes effective, the Company shall pay to Employee a  

 

2    lump sum payment of $162,500.00 less all applicable taxes, withholdings and authorized or  required deductions, which represents six (6) months of base salary (b) a lump sum payment of  $9,000.00, less all applicable taxes, withholdings and authorized or required deductions, which  represents the cost of the employer share of health and welfare premiums for plans in which you  were enrolled as of the Separation Date for a period of six (6) months and (c) a lump sum payment  of $42,200, less all applicable taxes, withholdings and authorized or required deductions, which  represents six (6) months of your 2022 short-term incentive plan bonus, collectively, the  “Separation Payments”), in each case, to be paid on the second regularly scheduled Company  payroll date following the ADEA Release Effective Date.  The payments under this Section 2 are  not earnings or wages under any Company 401(k) plan.    3. No Consideration Absent Execution of this Agreement.  Employee understands  and agrees that Employee would not receive the monies and/or benefits specified in Paragraph 2  above, except for Employee’s timely execution of this Agreement and the fulfillment of the  promises contained herein.   4. Forfeiture of Unvested Awards.    (a) As of immediately prior to the Separation Date, Employee holds (i)  350,000 Class B Units (the “B Units”) in BBAI Ultimate Holdings, LLC (formerly known as  PCISM Ultimate Holdings, LLC), which were granted pursuant to the Incentive Unit Grant  Agreement dated as of February 17, 2021 (the “Grant Agreement”), (ii) an option to purchase  30,468.75 and 29,018 shares of common stock of Bigbear.ai Holdings, Inc. (“PubCo”), which  were granted to Employee on December 7, 2021 and March 30, 2022, respectively (the  “Option”) pursuant to PubCo’s 2021 Long-Term Incentive Plan (the “Plan”) and (iii) an award  of 12,188 and 11,607 restricted stock units, which were granted to Employee on December 7,  2021 and March 30, 2022, respectively under the Plan (the “RSUs”).    (b) Effective as of the Separation Date, the entire Option, all of the  RSUs and the 140,000 of the B Units designated as “Tranche II Units”, which represents the  portion of the B Units that remain outstanding and unvested as of the Separation Date, (and all  rights arising from such Tranche II B Units and from being a holder thereof) will terminate  automatically without any further action by the Company or any other person or entity and will  be forfeited without consideration or notice.     (c) The 210,000 B Units designated as “Tranche I Units” and  “Tranche III Units” which, as of the Separation Date, are fully vested, will not be forfeited but  will remain outstanding, subject to the terms, including the repurchase rights, of the award  agreement evidencing the grant of the B Units (the “Retained Equity”).   (d) As of the Separation Date, Employee acknowledges and agrees that  s/he has 90 days to exercise the Option. Employee further acknowledges and agrees that s/he does  not hold any equity interests or other securities in any Released Party (as defined below) (or rights  to acquire or derivative rights in respect of any such equity interests or other securities), Employee  does not have any claim for profits or distributions or cash or other assets of any Released Party.  

 

3      5. Continuing Obligations.     (a) Employee hereby reaffirms Employee’s obligations under the Grant  Agreements, Code of Conduct, Non-Solicitation Agreement, and Employee Non-Disclosure and  Intellectual Property Assignment Agreement and agrees to comply at all times with Employee’s  post-employment obligations (including, for the avoidance of doubt, all non-competition, non- solicitation and similar obligations set forth in such agreements).   In addition, because of the  Employer's legitimate business interest and the good and valuable consideration offered to the  Employee, for six (6) months beginning on the Separation Date, Employee agrees and  covenants not to engage in any Competitive Activity within the United States relating to  augmented analytics or cyber solutions provided to the US Federal government.  For purposes  of this non-compete clause, "Competitive Activity" means to, directly or indirectly, in whole or  in part, engage in, provide services to, or otherwise participate in, whether as an employee,  employer, owner, operator, manager, advisor, consultant, agent, partner, director, stockholder,  officer, volunteer, intern, or any other similar capacity, Without limiting the foregoing,  Competitive Activity also includes activity that may require or inevitably require the  Employee's disclosure of trade secrets, proprietary information, classified information or  Confidential Information.    (b) Nothing in this Agreement prohibits the Employee from  purchasing or owning less than five percent (5%) of the publicly traded securities of any  corporation, provided that the Employee's ownership represents a passive investment and that  the Employee is not a controlling person of, or a member of a group that controls, the  corporation.    (c) Employee also agrees to refrain from disparaging or holding up to  ridicule the name of the Company, its successors, and their current and former officers,  directors, attorneys, agents and employees.        6. General Release, Claims Not Released and Related Provisions.      (a) General Release of All Claims.  Employee, on Employee’s own  behalf and on behalf of Employee’s  heirs,  executors, administrators, successors, and assigns   knowingly and voluntarily release and forever discharge Employer, its direct and indirect parent  corporations, affiliates, subsidiaries, divisions, predecessors, insurers, reinsurers, professional  employment organizations, representatives, successors and assigns, and their current and former  employees, attorneys, officers, directors and agents thereof, both individually and in their business  capacities, and their employee benefit plans and programs and their administrators and fiduciaries,  both individually and in their business capacities (collectively referred to throughout the remainder  of this Agreement as “Releasees”), of and from any and all claims, known and unknown, asserted  or unasserted, which the Employee has or may have against Releasees as of the date of execution  

 

4    of this Agreement, including, but not limited to, any alleged violation of the following, as  amended: Title VII of the Civil Rights Act of 1964;Sections 1981 through 1988 of Title 42 of the  United States Code; The Age Discrimination in Employment Act of 1967; The Older Workers’  Benefit Protection Act of 1990; The Americans with Disabilities Act of 1990; The Worker  Adjustment and Retraining Notification Act; The Fair Credit Reporting Act; The Family and  Medical Leave Act; The Genetic Information Nondiscrimination Act of 2008; The Uniformed  Services Employment and Reemployment Rights Act of 1994 (USERRA); any other federal, state  or local law, rule, regulation, or ordinance; any claims sounding in tort, contract (express or  implied); claims for wrongful discharge, harassment of any kind, vacation or sick leave pay,  intentional or negligent infliction of emotional distress, any basis for recovering costs, fees, or  other expenses including attorneys’ fees incurred in these matters. In addition, Employee   acknowledges that by signing this Agreement, Employee is also waiving his/her rights under  any state or local laws in any of the states in which Employee worked for the Company  during his/her employment.  A list of the various state and local laws is set forth in Exhibit  A attached to this Agreement.   (b) Release of Claimes under the ADEA.   Notwithstanding  anything in this Agreement to the contrary, Employee’s release of Claims under the Age  Discrimination in Employment Act, as amended (the “ADEA Release”) shall only become  effective upon: (i) Employee’s separate signature set forth on the signature page of this Agreement  reflecting Employee’s assent to Employee’s release of Claims under the ADEA and (ii) the  occurrence of the ADEA Release Effective Date (as defined below).    (c) Effective Date(s). The first date upon which Employee and the  Company have signed this Agreement, and the Company has received Employee’s signature, shall  be the “Effective Date”.  Employee has seven (7) calendar days after the date on which Employee  initially executes this Agreement for purposes of the ADEA Release to revoke Employee’s consent  to the ADEA Release.  Such revocation must be in writing and must be emailed to Claire Morse,  CHRO at Claire.Morse@BigBear.ai.  Notice of such revocation must be received within the seven  (7) calendar days referenced above.  If Employee does not sign this Agreement for purposes of the  ADEA Release or if Employee revokes Employee’s execution of this Agreement for purposes of  the ADEA Release, the ADEA Release shall be null and void and the “ADEA Release Effective  Date” (as defined below) shall not occur.  Provided that Employee does not revoke Employee’s  execution of this Agreement for purposes of the ADEA Release within such seven (7) day  revocation period, this ADEA Release will become effective on the eighth (8th) calendar day after  the date on which Employee signs this Agreement for purposes of the ADEA Release (the “ADEA  Release Effective Date”).     (d) Claims Not Released.  Employee is not waiving any rights  Employee may have to: (i) Employee’s own vested or accrued employee benefits under  Employer’s qualified retirement benefit plans as of the Separation Date; (ii) benefits and/or the  right to seek benefits under applicable workers’ compensation and/or unemployment  compensation statutes; (iii) pursue claims which by law cannot be waived by signing this  Agreement; and (iv) enforce this Agreement.   

 

5                                                       (e)      Covenant Not to Sue.  A “covenant not to sue” is a legal term  which means Employee promises not to file a lawsuit in court.  It is different from the General  Release of Claims covered above.  Besides waiving and releasing the claims set forth above in  the General Release paragraph, Employee further agrees never to sue any of the Releasees in any  forum for any reason covered by the General Release paragraph.  If Employee  sues any of the  Releasees, Employee shall be liable for their reasonable attorneys’ fees and other litigation costs  incurred in defending against such a suit.  Notwithstanding this Covenant Not to Sue, Employee   may bring a claim against Employer to enforce this Agreement.      (f)     Governmental Agencies.  Nothing in this Agreement prohibits,  prevents, or otherwise limits Employee from filing a charge or complaint with or participating,  testifying, or assisting in any investigation, hearing, or other proceeding before any federal, state,  or local government agency (e.g., EEOC, NLRB, SEC) or in any legislative or judicial proceeding  nor does anything in this Agreement preclude, prohibit or otherwise limit, in any way, Employee’s  rights and abilities to contact, communicate with or report unlawful conduct, or provide  documents, to federal, state, or local officials for investigation or participate in any whistleblower  program administered by any such agencies.  In addition, nothing in this Agreement, including but  not  limited to the release of claims nor the confidentiality, non-disparagement, affirmations,  cooperation, and return of property clauses, prohibits Employee from: (1) reporting possible  violations of federal or other law or regulations, including any possible securities laws violations,  to any governmental agency or entity, including but not limited to the U.S. Department of Justice,  the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, the  U.S. Congress, or any agency Inspector General; (2) making any other disclosures that are  protected under the whistleblower provisions of federal or other law or regulations; or (3) filing a  charge or complaint or otherwise fully participating in any governmental whistleblower programs,  including but not limited to any such programs managed or administered by the U.S. Securities  and Exchange Commission, the Commodity Futures Trading Commission and/or the Occupational  Safety and Health Administration. Employee is not required to notify or obtain permission from  Employer when filing a governmental whistleblower charge or complaint or engaging or  participating in protected whistleblower activity.  Moreover, nothing in this Agreement prohibits  or prevents Employee from receiving individual monetary awards or other individual relief by  virtue of participating in such governmental whistleblower programs.        (g)        Collective/Class Action Waiver.  If any claim is not subject to  release, to the extent permitted by law, Employee waives any right or ability  to be a class or  collective action representative or to otherwise participate in any putative or certified class,  collective or  multi-party action or proceeding based on such a claim in which Employer or any  other Releasee identified in this Agreement is a party.      7. Acknowledgments and Affirmations.      (a) Employee confirms that prior to the execution of this Agreement,  Employee has not revealed its terms to any third parties. Employee agrees not to disclose any  

 

6    information regarding the existence or substance of this Agreement, except to Employee’s spouse,  tax advisor, an attorney with whom Employee chooses to consult regarding Employee’s  consideration of this Agreement and/or to any federal, state or local government agency.  Nothing  in this Agreement has the purpose or effect of preventing Employee from making truthful  disclosures about alleged unlawful conduct.    (b) Employee affirms that Employee has not filed, caused to be filed, or  presently is a party to any claim against Employer.  Nothing in this Agreement or these  Affirmations is intended to impair Employee’s rights under whistleblower laws or cause Employee  to disclose Employee’s participation in any governmental whistleblower program or any  whistleblowing statute(s) or regulation(s) allowing for anonymity.    (c) Employee also affirms that Employee has been paid and/or has  received all compensation, wages, bonuses, commissions, paid sick leave, predictability pay,  and/or benefits which are due and payable as of the date Employee signs this Agreement and  Employee has been reimbursed for all necessary expenses or losses incurred by Employee within  the scope of Employee’s employment.   Employee further affirms that Employee has submitted  expense reports for all necessary expenses or losses incurred by Employee within the scope of  Employee’s employment. Employee affirms that Employee has been granted any leave to which  Employee was entitled under the Family and Medical Leave Act and  state and local leave and  disability accommodation laws.    (d) Employee further affirms that Employee has no known workplace  injuries or occupational diseases.      (e) Employee also affirms that Employee has not divulged any  proprietary or confidential information of Employer and will continue to maintain the  confidentiality of such information consistent with Employer’s policies and Employee’s  agreement(s) with Employer and/or common law.  Under the federal Defend Trade Secrets Act of  2016, Employee shall not be held criminally or civilly liable under any federal or state trade secret  law for the disclosure of a trade secret that: (a) is made (i) in confidence to a federal, state, or local  government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose  of reporting or investigating a suspected violation of law; or (b) is made to Employee’s attorney  in relation to a lawsuit against Employer for retaliation against Employee for reporting a suspected  violation of law; or (c) is made in a complaint or other document filed in a lawsuit or other  proceeding, if such filing is made under seal.      (f) Employee and Employer acknowledge Employee’s rights to make  truthful statements or disclosures required by law, regulation, or legal process and to request or  receive confidential legal advice, and nothing in this Agreement shall be deemed to impair those  rights.    8. Return of Property.      (a) Except as provided otherwise in this Agreement or by law,  Employee affirms that Employee has returned, without copying or otherwise reproducing, all of  

 

7    Employer’s property, documents, and/or any confidential information in Employee’s possession  or control.     (b) Employee also affirms that Employee is in possession of all of  Employee’s property that Employee had at Employer’s premises and that Employer is not in  possession of any of Employee’s property.     9. Governing Law and Interpretation.  This Agreement shall be governed and  conformed in accordance with the laws of the State in which Employee was employed by  Employer as of the date of Employee’s Separation Date, without regard to its conflict of laws  provision.  Should any provision of this Agreement be declared illegal or unenforceable by any  court of competent jurisdiction and cannot be modified to be enforceable, excluding the general  release language, such provision shall immediately become null and void, leaving the remainder  of this Agreement in full force and effect.    10. Arbitration Agreement. Any and all disputes, controversy or claim arising from  this Agreement or its enforcement shall be submitted to final, binding and confidential arbitration,  on an individual basis and by a single arbitrator, administered by the American Arbitration  Agreement (“AAA”) and in accordance with the AAA’s rules for arbitration of employment- related disputes.  Employee and Employer hereby expressly waive any right to go to court, to have  a trial by jury, and the right to participate in any class-action lawsuit or class-wide arbitration, or  to participate in any multi-party, class or collective action or proceeding in which either Employer  or Employee is a party. The arbitrator shall have exclusive authority to decide any issues relating  to the making, validity, enforcement, or scope of this Arbitration Agreement, arbitrability, defenses  to arbitration including unconscionability, or the validity of any jury trial or class action waivers.   The arbitrator must be an attorney in good standing.The cost of the arbitration shall be shared  equally by the parties, but the arbitrator shall have the right to allocate costs in the final award.  The arbitrator shall be authorized to award any or all remedies that Employee or Employer would  be entitled to seek in a court of law.  Any awards or orders in such arbitrations may be entered and  enforced as judgments in the federal and state courts of any competent jurisdiction in which the  claims would otherwise have been properly filed.     11. Nonadmission of Wrongdoing.  The Parties agree that neither this Agreement nor  the furnishing of the consideration for this Agreement shall be deemed or construed at any time  for any purpose as an admission by Releasees of wrongdoing or evidence of any liability or  unlawful conduct of any kind.    12. Amendment.  This Agreement may not be modified, altered or changed except in  writing and signed by both Parties wherein specific reference is made to this Agreement.    13. Entire Agreement.  This Agreement sets forth the entire agreement between the  Parties hereto, and fully supersedes any prior agreements or understandings between the Parties,  except for any arbitration, intellectual property, noncompete, restrictive covenant, nonsolicitation,  nondisclosure, or confidentiality agreements between Employer and Employee, which shall  remain in full force and effect according to their terms. Employee acknowledges that Employee  has not relied on any representations, promises, or agreements of any kind made to Employee in  

 

8    connection with Employee’s decision to accept this Agreement, except for those set forth in this  Agreement.    14. Counterparts and Signatures.  This Agreement may be signed in counterparts,  each of which shall be deemed an original, but all of which, taken together shall constitute the  same instrument.  A signature made on a faxed or electronically mailed copy of the Agreement or  a signature transmitted by facsimile or electronic mail will have the same effect as the original  signature.         EMPLOYEE ACKNOWLEDGES THAT EMPLOYEE HAS HAD FORTY- FIVE (45) DAYS TO CONSIDER THIS AGREEMENT.  EMPLOYEE FURTHER  ACKNOWLEDGES THAT EMPLOYEE HAS BEEN ADVISED TO CONSULT WITH AN  ATTORNEY PRIOR TO SIGNING THIS AGREEMENT. IF EMPLOYEE IS FORTY (40)  YEARS OF AGE OR OLDER, EMPLOYEE ACKNOWLEDGES THAT HE/SHE HAS  BEEN PROVIDED WITH THE JOB TITLES AND AGES OF ALL INDIVIDUALS IN  HIS/HER BUSINESS DECISIONAL UNIT SELECTED FOR TERMINATION AND NOT  SELECTED FOR TERMINATION (EXHIBIT B ATTACHED HERETO.)  FURTHER, IF  EMPLOYEE IS FORTY (40) YEARS OF AGE OR OLDER, EMPLOYEE  ACKNOWLEDGES THAT HE/SHE WILL HAVE SEVEN (7) DAYS TO REVOKE THIS  AGREEMENT AFTER SIGNING THE SAME, BY NOTIFYING THE UNDERSIGNED  IN WRITING, WITHIN THE SEVEN (7) DAYS PERIOD AFTER HE/SHE HAS SIGNED  THE SAME.       EMPLOYEE AGREES THAT ANY MODIFICATIONS, MATERIAL OR  OTHERWISE, MADE TO THIS AGREEMENT, DO NOT RESTART OR AFFECT IN  ANY MANNER THE ORIGINAL CONSIDERATION PERIOD.      EMPLOYEE FURTHER ACKNOWLEDGES THAT PRIOR TO SIGNING  BELOW, HE/SHE HAS REVIEWED THE LIST OF STATES SET FORTH IN EXHIBIT  A ATTACHED TO THIS AGREEMENT, AND UNDERSTANDS THAT HE/SHE IS  WAIVING ALL RIGHTS UNDER THE LAWS OF THOSE STATES IN WHICH  EMPLOYEE WAS EMPLOYED BY THE COMPANY DURING HIS/HER  EMPLOYMENT.       EMPLOYEE FREELY AND KNOWINGLY, AND AFTER DUE  CONSIDERATION, ENTERS INTO THIS AGREEMENT INTENDING TO WAIVE,  SETTLE AND RELEASE ALL CLAIMS EMPLOYEE HAS OR MIGHT HAVE AGAINST  RELEASEES.        

 

9    The Parties knowingly and voluntarily sign this Agreement as of the date(s) set  forth below:               FOR THE COMPANY:            By:________________________________                                                            By:_______________________      Please Print Name                                                                                                                                                                              Date:   ____________________________  __________________________  Employee Signature       Date:________________________            Brian Frutchey s/ Brian Frutchey 9-15-2022  s/ Erin Cotter 9-15-2022

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