Document:

January
17, 2012

 

Erica
Ruliffson-Schultz

 

 

Dear
Erica:

 

I
am pleased to offer you the position of Executive Vice President, Global Head of Sales at LivePerson, based in San Francisco, with
your approximate scheduled start date of February 13th, 2012. This letter confirms the terms and conditions of our employment
offer to you:

 

		·	You will be paid
salary at an annual rate of $300,000 U.S. dollars according to our payroll practices as they may exist from time to time
(we currently pay salary on a semimonthly basis: the 15th and last day of each month).

 

		·	You will be eligible
to participate in the LivePerson bonus plan as it exists from time to time under terms comparable to other LivePerson employees
of similar role and responsibility. Your annual target bonus will be $300,000. Achievement of your bonus target will be
based upon the Company’s financial performance as well as individual MBOs, with overachievement of your bonus target possible
based on a formula tied to the Company’s financial performance, all to be further detailed in your annual bonus plan and
pursuant to the Company’s then-current bonus practices. During your first year of employment, your annual target bonus will
be prorated for actual months of service during the year. LivePerson reserves the right to amend or terminate its bonus plan or
any terms or criteria thereunder, and corresponding policies, at any time.

 

		·	You will be granted
an unvested option to purchase 125,000 shares of LivePerson common stock which grant and strike price will be subject to
approval by the LivePerson Board of Directors on the first option grant date following your employment start date. This grant date
typically occurs within 6 months of your employment start date. This option will be granted under the terms and conditions of the
LivePerson 2009 Stock Incentive Plan and the Notice of Grant of Stock Option and Stock Option Agreement (the "Plan Documents"),
which will be issued to you at the time of the grant. This option will vest in equal increments of 25% annually over four (4) years,
beginning on the first anniversary of the grant date, subject to your continued service to the Company through each vesting date
and the terms of the Plan Documents.

 

		·	You will be eligible
for vacation in accordance with LivePerson’s vacation policy as it exists from time to time. Under the current policy, you
will accrue vacation at the rate of 1.65 days vacation per month (4 weeks per full year), subject to the LivePerson vacation policy,
as it may be amended from time to time.

 

		·	You will be eligible
to enroll in the LivePerson health and disability insurance program on the first day of the first full calendar month of your
employment subject to the terms and conditions of the applicable plans and policies as they may exist from time to time.

 

    	 

    	 

    

 

 

		·	You will be eligible
to participate in the company’s 401(k) savings plan following your employment start date subject to the terms and conditions
of the applicable plans and policies as they may exist from time to time. You will receive further orientation regarding benefits
you are eligible for and company policies on or shortly after your start date.

 

		·	This offer is
made contingent upon your successful completion of the Company’s pre-employment procedures, including reference and background
verification of your prior employment and other information provided by you during the interview process, as well as proof of identity
and authorization to work in the United States, as required by law. In addition, this offer is made contingent upon your execution
of the Company’s standard Code of Conduct, Confidential Information and Invention Assignment Agreement, and similar agreements
required of all employees.

 

		·	By signing this
letter you confirm that you are not subject to any agreement, with a prior employer or otherwise, which would prohibit, limit or
otherwise be inconsistent with your employment at LivePerson or prevent you from performing your obligations to LivePerson. Additionally,
please be advised that it is LivePerson’s corporate policy not to obtain or use any confidential, proprietary information
or trade secrets of its competitors or others, unless it is properly obtained from sources permitted to disclose such information.
By signing this letter below, you are acknowledging that you have been advised of this policy and that you accept and will abide
by it, and you are also agreeing that you will not use or disclose any confidential or proprietary information of LivePerson to
any third party, including any previous or subsequent employer.

 

		·	Your employment
with LivePerson is at-will and may be terminated by you or LivePerson at any time with or without cause and with or without notice.

 

		·	In the event
that your employment is terminated by the Company without Cause (as defined below), and (b) provided that within sixty (60) days
following your termination date you timely execute and do not revoke a separation and release agreement drafted by and satisfactory
to the Company (the "Separation Agreement”), the Company will provide you with severance pay equal to three (3) months
of your then-current base salary, payable in accordance with the payment procedures described below. For the avoidance of doubt,
the foregoing severance shall not be paid in the event that your employment is terminated by reason of your voluntary resignation.
For clarification, the severance provisions above will apply in the event that your employment is terminated by Company or any
successor to Company unless your employment is terminated due to one or more of the circumstances described in the definition of
“Cause” below.

 

		·	The parties intend
that the severance payments and benefits provided pursuant to this letter are exempt from the requirements of Section 409A of the
Internal Revenue Code of 1986, as amended, the regulations and other guidance under and any state law of similar effect ("Section
409A") and any ambiguities herein will be interpreted to be so exempt. Each payment and benefit payable under this letter
is intended to constitute separate payments for purposes of Treasury Regulation Section 1.409A-2(b)(2). Accordingly, severance
payments described above shall commence on the Company's first regularly scheduled payroll date that occurs as soon as practicable
after the conditions set forth above are satisfied, and no later than the fifteenth (15th) day of the third (3rd) month following
the end of your first tax year in which your termination of employment occurs, or, if later, the fifteenth (15th) day of the third
(3rd) month following the end of the Company's first tax year in which your termination of employment occurs, as provided in Treasury
Regulation Section 1.409A-1(b)(4). Notwithstanding anything herein to the contrary, the Company shall have no liability to you
or to any other person, for any taxes, penalties or otherwise, if the payments and benefits provided pursuant to this letter that
are intended to be exempt from Section 409A are not so exempt.

 

    	2

    	 

    

 

 

		·	In the event
that your employment is voluntarily terminated at any time by you or by the Company for Cause, you will be entitled only to your
unpaid compensation earned through the date of your termination of employment in accordance with applicable law. You will not be
entitled to any other compensation or consideration that you may have received had your employment with the Company not been terminated.

 

		·	For purposes
hereof, “Cause” shall mean a determination by the Company (which determination shall not be arbitrary or capricious)
that: (i) you materially failed to perform your specified or fundamental duties to the Company or any of its subsidiaries, (ii)
you were convicted of, or pled nolo contendere to, a felony (regardless of the nature of the felony), or any other crime involving
dishonesty, fraud, or moral turpitude, (iii) you engaged in or acted with gross negligence or willful misconduct (including but
not limited to acts of fraud, criminal activity or professional misconduct) in connection with the performance of your duties and
responsibilities to the Company or any of its subsidiaries, (iv) you failed to substantially comply with the rules and policies
of the Company or any of its subsidiaries governing employee conduct or with the lawful directives of the Board of Directors, or
(v) you breached any non-disclosure, non-solicitation or other restrictive covenant obligation to the Company or any of its subsidiaries.

 

		·	This letter shall
not be construed as an agreement (either express or implied) to employ you, or for any guaranteed term of employment, and shall
in no way alter the Company’s policy of employment at-will, under which both the Company and you remain free to end the employment
relationship for any reason, at any time, with or without cause or notice.

 

Please
indicate your acceptance of this offer by signing below and returning one copy to me. You will also receive additional information
about LivePerson as well as some forms and documents that you must complete prior to your start date. Your employment is contingent
upon the return of the requested material. If you have any questions, please do not hesitate to contact me.

 

LivePerson
is a dynamic organization with tremendous growth opportunities. We look forward to you joining us and hope that you share our excitement
for the opportunity it presents to everyone on the team.

 

Sincerely,

 

	/s/ Robert LoCascio	 
	Robert LoCascio	 
	CEO	 

 

	Accepted by:	/s/ Erica Schultz	1/20/2012
	 	Name	Date

 

    	3SEPARATION AGREEMENT AND GENERAL RELEASE

 

 

This Separation Agreement
and General Release (“Agreement”) is entered into by and between LivePerson, Inc. (the “Company”) and Michael
I. Kovach (“Executive”), and effective as of April 23, 2013 (the “Effective Date”).

 

WHEREAS,
Executive desires to voluntarily resign from his employment with the Company following a Transition Period (as defined below);

 

WHEREAS, pursuant to
the terms and conditions set forth herein, the parties desire to set forth their mutual obligations during the Transition Period
and thereafter; and

 

WHEREAS, the parties
wish to set forth the terms of Executive’s departure and general release of claims;

 

NOW, THEREFORE, in
consideration of the mutual promises and conditions set forth herein, and for other good and sufficient
consideration, the sufficiency of which is hereby acknowledged, the Company and Executive agree as follows:

 

1.                 
The period from the Effective Date of this Agreement until this Agreement is terminated pursuant to Paragraph 4 below will
be referred to as the “Transition Period”. During the Transition Period, Executive will continue in his current roles
as Senior Vice President, Corporate Controller of the Company, and agrees to carry out all duties and responsibilities commensurate
with that position in good faith and to the best of his ability, including, but not limited to, assisting with an efficient transition
of some or all of those duties and responsibilities to Executive’s successor as requested by the Company. Absent a written
agreement to the contrary, Executive’s employment relationship with the Company will terminate pursuant to the terms of this
Agreement upon the conclusion of the Transition Period pursuant to Paragraph 4 hereof. The date on which this Agreement terminates
pursuant to Paragraph 4 hereof is referred to in this Agreement as the “Separation Date”. Following the Separation
Date, Executive shall execute a General Release in the form attached hereto as Schedule A that
becomes effective and irrevocable no later than thirty (30) days following the Separation Date (such deadline, the “Release
Deadline”).

 

2.                    
During the Transition Period, the Company agrees to continue Executive’s base salary and benefits that are in effect
on the date of the execution of this Agreement. Following the Separation Date, Company will pay to Executive in a timely manner
any outstanding amounts owed for reimbursable expenses and/or accrued vacation time pursuant to standard Company policies.

 

3.                    
Executive acknowledges and agrees that all outstanding stock options granted to Executive to purchase shares of the Company’s
Common Stock (collectively, the “Options”) are governed pursuant to the Company’s 2009 Stock Incentive
Plan (the “Plan”) and the applicable stock option agreement (collectively, the “Option Documents”).
Subject to, and in exchange for Executive’s execution of and compliance with this Agreement (including without limitation
execution and non-revocation of the General Release by the Release Deadline, as described in Paragraph 1), the Company will accelerate
the vesting of 18,675 shares subject to the option granted on June 17, 2010 as set forth in the relevant Option Documents, such
that a total of 18,675 shares subject to such option will be vested and exercisable as of the Separation Date (the “Accelerated
Shares”). Executive acknowledges and agrees that (a) with the exception of the Accelerated Shares and other Options that
are vested pursuant to their original terms and conditions on the Separation Date, all Options held by Executive that are not vested
as of the Separation Date under their original terms and conditions will be terminated and cancelled as of the Separation date;
and (b) Options (including Accelerated Shares) that are vested on the Separation Date will remain exercisable for a period of ninety
(90) days following the Separation Date, after which period such Options (if unexercised) will be terminated and cancelled.

 

    	 

    	 

    

 

4.                 
This Agreement and Executive’s employment will terminate upon the earliest to occur of the following: (a) close of
business on April 23, 2013 or (b) such earlier date as determined and noticed in writing to Executive by the Company, in its sole
discretion, or to the Company by Executive, in his sole discretion, at which time, Executive’s service relationship with
the Company will cease. For purposes of clarification, any termination of Executive’s employment pursuant to this Paragraph
4 shall qualify as a “separation from service” within the meaning of Section 409A (as defined below). Upon the Separation
Date or an earlier date if requested by the Company, Executive will tender formal resignation of his roles as Senior Vice President,
Corporate Controller, following which Executive will continue employment until the Separation Date (if the resignation date and
the Separation Date are not the same date) in a capacity to be defined by the Company.

 

5.                 
In exchange for the payments and benefits provided for in this Agreement during the Transition Period, and other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Executive hereby forever unconditionally and
irrevocably releases and discharges the Company, and each and all of its direct and indirect affiliates, parents, subsidiaries
(wholly-owned or not), members, branches, divisions, business units or groups, agencies, predecessors, successors and assigns,
any employee benefit plans established or maintained by any of the foregoing entities and each and all of their current and former
officers, directors, employees, trustees, plan administrators, agents, attorneys, representatives, partners, advisors and shareholders
(collectively and individually, the “Released Parties”), from any and all claims, demands, causes of action, complaints,
agreements, promises (express or implied), contracts, undertakings, covenants, guarantees, grievances, liabilities, damages, rights,
obligations, expenses, debts and demands whatsoever, in law or equity, known or unknown, whether present or future, whether known
or unknown, and of whatsoever kind or nature that Executive, his heirs, executors, administrators, representatives and assigns
ever had, now have or hereafter can, shall or may have, for, upon, or by reason of any alleged or actual matter, omission, act,
cause or thing from the beginning of time until the date he signs this Agreement, including, but not limited to, those arising
out of his employment or the termination thereof.

 

                   
Executive understands and acknowledges that by signing this Agreement he is waiving and releasing any and all claims he may have
concerning the terms and conditions of his employment and the termination of his employment including those prohibiting discrimination
on the basis of age, sex, race, color, disability, religion, creed, national origin, ancestry, sexual orientation, gender expression,
gender identity, handicap, marital status, citizenship or any other protected factor or characteristic, prohibiting discrimination
for requesting or taking a family or medical leave, prohibiting discrimination with regard to benefits or any other terms and
conditions of employment, or prohibiting retaliation in connection with any complaint or claim of alleged discrimination or harassment
and that he intends to do so. As such, this release includes, but is not limited to, any claims arising under Title VII of the
1964 Civil Rights Act, 42 U. S. C. § 2000e et seq.; the Age Discrimination in Employment Act, 29 U. S. C. § 621,
et seq.; the Older Workers’ Benefit Protection Act, 29 U.S.C. §626(f), et seq.; the Americans with Disabilities
Act, 42 U. S. C. § 12101 et seq.; the Employee Retirement and Income Security Act, 29 U. S. C. § 1001 et
seq.; the Fair Labor Standards Act, as amended, 29 U.S.C. § 201 et seq.; the Family Medical Leave Act, 29 U.S.C.
§§ 2601 et seq.; the New York State Human Rights
Law, N.Y. Exec. Law § 290 et seq.; New York Equal Rights Law, N.Y. Civ. Rights Law § 40-c et seq.; New
York Whistleblower Protection Law, N.Y. Lab. Law § 740 et seq.; New York Family Leave Law, N.Y. Lab. Law § 201-c;
New York Equal Pay Law, N.Y. Lab. Law § 194; N.Y. Lab. Law § 215; the New York City Human Rights Law, Administrative
Code of the City of New York, Section 8-101 et seq.; and any other federal or state constitutions, federal, state
or local statutes, or any contract, quasi contract, common law or tort claims, whether known or unknown, suspected or unsuspected,
concealed or hidden, or developed or undeveloped, up through the date of his execution of this Agreement. Executive further agrees
that he will not institute or authorize any other party, governmental or otherwise, to institute any administrative or legal proceeding
seeking compensation or damages on his behalf against the Released Parties relating to or arising out of any aspect of his employment
or termination.

 

    	 

    	 

    

 

6.                 
 Executive represents that as of the Effective Date he was not denied a request for leave, or retaliated against for taking
leave under the Family and Medical Leave Act, 29 U.S.C. §§2601 et seq., at any time during his employment with the Company.

 

7.                 
Executive acknowledges and agrees that throughout the Transition Period and after his employment he will continue to be
obliged as follows:

 

		(a)	Executive agrees, with reasonable notice, to furnish information as may be in his possession and cooperate with the Company
as may be reasonably requested in connection with any claims or legal action in which the Company is or may become a party.

 

		(b)	Executive recognizes and acknowledges that all information pertaining to the software, business, clients, customers or other
relationships of the Company is confidential and is a unique and valuable asset of the Company. Executive will not disclose any
information concerning the affairs, business, clients, or customers of the Company except as required by law. Executive will not
make use of this type of information for his own purposes or for the benefit of any person or organization other than the Company.
All records, memoranda, software or intellectual property whether made by Executive or otherwise coming into his possession are
confidential and will remain the property of the Company.

 

		(c)	During the Transition Period and for a twelve (12) month period after the Separation Date (the “Restricted Period”),
Executive, without express written approval from the Company, will not solicit any clients of the Company for any existing business
of the Company.

 

		(d)	During the Restricted Period, Executive (acting on his own behalf, or for or through others) will not actively solicit or induce
any employee of the Company to terminate their employment with the Company or engage in activities that directly compete with the
business of the Company.

 

    	 

    	 

    

 

8.                 
Executive acknowledges and agrees that the Company’s obligation to make any payments or provide any benefits under
this Agreement shall cease upon any violation of Paragraph 7 above. The Company must first provide written notice to Executive
specifying the act which has violated Paragraph 7, and if such violation is not cured within fifteen (15) days, if capable of being
cured, than the Company will inform Executive of its termination of its post-employment payments. Executive agrees that the restrictions
contained in Paragraph 7 are essential elements of this Agreement, and, but for Executive’s agreement to comply with such
restrictions, the Company would not have entered into this Agreement.

 

9.                 
Executive represents that upon the conclusion of the Transition Period he will certify that he has returned to the Company
all Company property and equipment in his possession or control, including, but not limited to, computer equipment (including,
but not limited to, computer hardware, software and printers, wireless handheld devices, cellular phones, pagers, etc. except as
expressly set forth below in this Section 9), customer information, customer lists, employee lists, Company files, notes, contracts,
records, business plans, financial information, specifications, computer-recorded information, software, tangible property, identification
badges and keys, and any other materials of any kind which contain or embody any proprietary or confidential material of the Company
(and all reproductions thereof); provided, however, subject to, and in consideration of, Executive’s
execution of this Agreement and provided Executive comply with all of the terms of this Agreement, Executive will be permitted
to keep his Company-issued laptop computer as his own personal property, provided that Executive provides copies of all Company
related information, if any, that is contained on the laptop to the Company and Executive then immediately deletes all such Company
related information from his laptop. Executive also represents that upon the conclusion of the Transition Period he will
certify that he has left intact all electronic Company documents, including those that he developed or helped to develop during
his employment. Executive further represents that he will certify that he has cancelled all accounts for his benefit, if any, in
the Company’s name including, but not limited to, credit cards, telephone charge cards, cellular phone accounts, pager accounts,
and computer accounts, at the conclusion of the Transition Period. Notwithstanding the foregoing, the Company will assist Executive
in making an electronic copy of his contact list in whatever format Executive reasonably requests.

 

10.          
Executive agrees that he will not, at any time, publicly disparage, criticize or ridicule the Company, nor make any negative
public comments regarding the Company, its officers, employees, directors, products, services or business practices. The Company
agrees to direct its officers, directors and authorized spokespersons not at any time to publicly disparage, criticize, or ridicule
Executive or make any negative public comments regarding Executive.

 

11.             
All amounts payable under this Agreement shall be subject to deduction for all federal, state and local taxes as may be
required to be withheld pursuant to any applicable law or regulation and any other required deductions. The
parties intend that all payments made under this Agreement comply with, or will be exempt from, the requirements of Section 409A
of the Internal Revenue Code of 1986, as amended, the regulations and other guidance there under and any state law of similar effect
(collectively “Section 409A”) so that none of the payments or benefits will be subject to the adverse tax penalties
imposed under Section 409A, and any ambiguities herein will be interpreted to so comply or be exempt. Each payment and benefit
payable under this Agreement is intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury
Regulations. Company shall have no liability to Executive or to any other person if the payments and benefits provided in this
Agreement that are intended to be exempt from or compliant with Section 409A are not so exempt or compliant. In no event will the
Company reimburse Executive for any taxes or other penalties that may be imposed on Executive as a result of Section 409A, and
Executive shall indemnify the Company for any liability therefor.

 

    	 

    	 

    

 

12.             
This Agreement amicably resolves any issues between the parties and they agree that this Agreement shall neither be interpreted
nor construed as an admission of any wrongdoing or liability on the part of Executive or the Company.

 

13.             
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. Executive hereby submits to and acknowledges and recognizes the jurisdiction of the courts of
the State of New York, or, if appropriate, a federal court located in New York (which courts, for purposes of this Agreement, are
the only courts of competent jurisdiction) over any suit, action or other proceeding arising out of, under, or in connection with
this Agreement or the subject matter hereof.

 

14.             
The provisions of this Agreement are severable. If any provision of this Agreement is held invalid or unenforceable, such
provision shall be deemed deleted from this Agreement and such invalidity or unenforceability shall not affect any other provision
of this Agreement, the balance of which will remain in and have its intended full force and effect; provided, however that if such
invalid or unenforceable provision may be modified so as to be valid and enforceable as a matter of law, such provision shall be
deemed to have been modified so as to be valid and enforceable to the maximum extent permitted by law.

 

15.             
Executive understands and agrees that he may have, and has had, at least twenty one (21) calendar days from the date hereof
to accept this Agreement. Executive acknowledges that he was advised by the Company to consult with an attorney of his own choosing
concerning the waivers contained in and the terms of this Agreement, and that the waivers he has made and the terms he has agreed
to herein are knowing, conscious and with full appreciation that he is forever foreclosed from pursuing any of the rights so waived.

 

16.             
Executive has seven (7) days after the execution of this Agreement within which he may revoke this Agreement. In order to
revoke this Agreement, Executive must deliver to the Company’s Human Resources Department, with a copy to the Company’s
General Counsel, on or before seven (7) days after the execution of this Agreement a letter stating that he is revoking this Agreement.

 

17.             
This Agreement shall be binding on and shall inure to the benefit of Executive’s heirs, executors, administrators,
representatives and assigns and the Company’s successors in interest and assigns. Executive may not assign any of his rights
or duties hereunder, except with the written consent of the Company. Executive covenants and represents that he has not assigned
or attempted to assign any rights or claims he may have against the Company at any time prior to signing this Agreement.

 

    	 

    	 

    

 

18.             
The Company will indemnify Executive to the fullest extent permitted by the laws of Delaware in effect at that time, or
the certificate of incorporation and by-laws of the Company, or any indemnification agreement between Executive and the Company,
whichever affords the greater protection to Executive.

 

19.             
The parties agree that this Agreement, together with the Option Documents, contains the entire agreement between the parties
and supersedes and cancels any and all prior or contemporaneous agreement or understanding on the subjects covered herein, including,
but not limited to, Executive’s employment agreement entered into by and between the Company and Executive dated November
6, 2009, and no agreements, representations or statements of either party not contained in this Agreement shall bind that party.
Notwithstanding the foregoing, Executive acknowledges that nothing herein supersedes any pre-existing duties of confidentiality,
or the assignment of any invention or intellectual property or proprietary rights to the Company. This Agreement can be modified
only in writing signed by both parties.

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties have executed this Agreement.

 

	Executive	 	LivePerson, Inc.
	 	 	 
	/s/ Michael I.
    Kovach	 	/s/ Dan
    Murphy
	Signature	 	By
	 	 	 
	Michael I. Kovach	 	Dan Murphy
	Print Name	 	Print Name
	 	 	 
	4/18/2013	 	4/18/2013
	Date	 	Date

 

    	 

    	 

    

 

SCHEDULE A

 

TEMPLATE GENERAL RELEASE OF ALL CLAIMS

 

Pursuant to the Separation Agreement and
General Release entered into by and between LivePerson, Inc. (the “Company”) and Michael I. Kovach (the “Executive”),
dated effective as of April 18, 2013 (the “Separation Agreement”), Executive hereby enters into this General
Release of All Claims (the “Release”). In consideration of the vesting acceleration set forth in Paragraph 3 of the
Separation Agreement and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Executive
hereby forever unconditionally and irrevocably releases and discharges the Company, and each and all of its direct and indirect
affiliates, parents, subsidiaries (wholly-owned or not), members, branches, divisions, business units or groups, agencies, predecessors,
successors and assigns, any employee benefit plans established or maintained by any of the foregoing entities and each and all
of their current and former officers, directors, employees, trustees, plan administrators, agents, attorneys, representatives,
partners, advisors and shareholders (collectively and individually, the “Released Parties”), from any and all claims,
demands, causes of action, complaints, agreements, promises (express or implied), contracts, undertakings, covenants, guarantees
grievances, liabilities, damages, rights, obligations, expenses, debts and demands whatsoever, in law or equity, known or unknown,
whether present or future, whether known or unknown, and of whatsoever kind or nature that Executive, his heirs, executors, administrators,
representatives and assigns ever had, now have or hereafter can, shall or may have, for, upon, or by reason of any alleged or actual
matter, omission, act, cause or thing from the beginning of time until the date he signs this Release, including, but not limited
to, those arising out of his employment or the termination thereof; provided, however, that the foregoing shall not release Company
from its continuing obligations set forth in the Separation Agreement.

  

Executive understands and acknowledges that
by signing this Release he is waiving and releasing any and all claims he may have concerning the terms and conditions of his employment
and the termination of his employment including those prohibiting discrimination on the basis of age, sex, race, color, disability,
religion, creed, national origin, ancestry, sexual orientation, gender expression, gender identity, handicap, marital status, citizenship
or any other protected factor or characteristic, prohibiting discrimination for requesting or taking a family or medical leave,
prohibiting discrimination with regard to benefits or any other terms and conditions of employment, or prohibiting retaliation
in connection with any complaint or claim of alleged discrimination or harassment and that he intends to do so. As such, this release
includes, but is not limited to, any claims arising under Title VII of the 1964 Civil Rights Act, 42 U. S. C. § 2000e et seq.;
the Age Discrimination in Employment Act, 29 U. S. C. § 621, et seq.; the Older Workers’ Benefit Protection Act, 29
U.S.C. §626(f), et seq.; the Americans with Disabilities Act, 42 U. S. C. § 12101 et seq.; the Employee Retirement
and Income Security Act, 29 U. S. C. § 1001 et seq.; the Fair Labor Standards Act, as amended, 29 U.S.C. § 201 et seq.;
the Family Medical Leave Act, 29 U.S.C. §§ 2601 et seq.; the New York State Human Rights Law, N.Y. Exec. Law § 290
et seq.; New York Equal Rights Law, N.Y. Civ. Rights Law § 40-c et seq.; New York Whistleblower Protection Law, N.Y. Lab.
Law § 740 et seq.; New York Family Leave Law, N.Y. Lab. Law § 201-c; New York Equal Pay Law, N.Y. Lab. Law § 194;
N.Y. Lab. Law § 215; the New York City Human Rights Law, Administrative Code of the City of New York, Section 8-101 et seq.;
and any other federal or state constitutions, federal, state or local statutes, or any contract, quasi contract, common law or
tort claims, whether known or unknown, suspected or unsuspected, concealed or hidden, or developed or undeveloped, up through the
date of his execution of this Release. Executive further agrees that he will not institute or authorize any other party, governmental
or otherwise, to institute any administrative or legal proceeding seeking compensation or damages on his behalf against the Released
Parties relating to or arising out of any aspect of his employment or termination.

 

    	 

    	 

    

 

Executive acknowledges and agrees that,
as of the date of this Release, Executive has been paid all compensation (including without limitation any accrued but unused vacation
or paid time off) for all of Executive’s service with the Company except for compensation, if any, owed to Executive pursuant
to the provisions of the Separation Agreement. Executive represents that as of the date hereof he was not denied a request for
leave, or retaliated against for taking leave under the Family and Medical Leave Act, 29 U.S.C. §§2601 et seq., at any
time during his employment with the Company. Executive and the Company also hereby agree that nothing contained in this Release
shall constitute or be treated as an admission of liability or wrongdoing or of any violation of law by the Company or Executive.

 

This Release constitutes the entire agreement
between Executive and the Company with regard to the subject matter of this Release. This Release supersedes any other agreements,
representations or understandings, whether oral or written and whether express or implied, which relate to the subject matter of
this Release other than the Option Documents and the continuing obligations of Executive and Company that are set forth in the
Separation Agreement. Executive understands and agrees that this Release may be modified only in a written document signed by Executive
and a duly authorized officer of the Company.

 

This Release 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. Executive hereby submits
to and acknowledges and recognizes the jurisdiction of the courts of the State of New York, or, if appropriate, a federal court
located in New York (which courts, for purposes of this Release, are the only courts of competent jurisdiction) over any suit,
action or other proceeding arising out of, under, or in connection with this Release or the subject matter hereof.

 

The provisions of this Release are severable.
If any provision of this Release is held invalid or unenforceable, such provision shall be deemed deleted from this Release and
such invalidity or unenforceability shall not affect any other provision of this Release, the balance of which will remain in and
have its intended full force and effect. However that if such invalid or unenforceable provision may be modified so as to be valid
and enforceable as a matter of law, such provision shall be deemed to have been modified so as to be valid and enforceable to the
maximum extent permitted by law.

 

By signing below, Executive acknowledges
that this Release affects substantial rights and that Executive has been advised to consult with an attorney prior to execution
of this Release. Executive further understands and acknowledges that Executive has up to twenty-one (21) days following the Separation
Date (as defined in Paragraph 1 of the Separation Agreement) to review this Release and to discuss it with an attorney of Executive’s
own choosing, at Executive’s own expense, whether or not Executive wishes to sign this Release. Furthermore, Executive understands
and acknowledges that Executive has seven (7) days after Executive signs this Release during which time Executive may revoke this
Release. If Executive wishes to revoke this Release, Executive may do so by delivering a letter of revocation to the Company’s
Human Resources Department with a copy to the Company’s General Counsel, by 5 p.m. EST on the seventh (7) days after Executive
signs this Release.

 

    	 

    	 

    

 

Because of the revocation period, Executive
understands that this Release will not become effective or enforceable until the eighth (8th) day after the date Executive signs
this Release.

 

To accept this Release, Executive must sign
and date this Release and return it to the Company’s Human Resources Department with a copy to the Company’s General
Counsel.

 

Executive’s agreement with the terms
of this Release is signified by Executive’s signature below. Furthermore, Executive acknowledges that Executive has read
and understands this Release and that Executive signs this Release of all claims voluntarily, with full appreciation that at no
time in the future may Executive pursue any of the rights that Executive has waived in this Release.

 

 

	Date:  	4/18/2013	 	/s/ Michael I. Kovach
	 	 	 	By:  Michael I. Kovach

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