Document:

Exhibit 10.1

 

Execution Version

 

ESCROW AGREEMENT

 

This Escrow Agreement (“Escrow Agreement”) is entered into as of September 9, 2014 by and among Steel Dynamics, Inc., an Indiana corporation (the “Issuer”), Wells Fargo Bank, National Association, a national banking association, as escrow agent (the “Escrow Agent”), and Wells Fargo Bank, National Association, a national banking association, as trustee (the “Trustee”) under each of the Indentures (as defined below).

 

WHEREAS, (i) pursuant to the indenture, dated as of September 9, 2014 (as may be amended, supplemented or otherwise modified from time to time, the “2021 Notes Indenture”), among the Issuer, the Guarantors named therein and the Trustee, the Issuer will issue $700,000,000 in aggregate principal amount of 5.125% Senior Notes due 2021 (the “2021 Notes”) and (ii) pursuant to the indenture, dated as of September 9, 2014 (as may be amended, supplemented or otherwise modified from time to time, the “2024 Notes Indenture” and, together with the 2021 Notes Indenture, the “Indentures” and each, an “Indenture”), among the Issuer, the Guarantors named therein and the Trustee, the Issuer will issue $500,000,000 in aggregate principal amount of 5.500% Senior Notes due 2024 (the “2024 Notes” and, together with the 2021 Notes, the “Notes”).  The Notes are being issued in an unregistered offering (the “Offering”) pursuant to that certain purchase agreement, dated September 4, 2014 (the “Purchase Agreement”), among the Issuer, certain subsidiaries of the Company signatories thereto and Goldman, Sachs & Co. (“Goldman Sachs”), Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”), Morgan Stanley & Co. LLC (“Morgan Stanley”), as representatives of the several initial purchasers named therein (the “Initial Purchasers”), and in connection with the offering of the Notes, the Issuer prepared a preliminary offering memorandum dated September 4, 2014 (the “Preliminary Offering Memorandum”) and a final offering memorandum dated September 4, 2014 (the “Final Offering Memorandum”);

 

WHEREAS, the Notes are being issued in connection with the acquisition (the “Acquisition”) of Severstal Columbus, LLC, a Delaware limited liability company (“Columbus”), by the Company pursuant to the membership interest purchase agreement dated as of July 18, 2014 (the “Acquisition Agreement”), among the Company, Columbus and Severstal Columbus Holdings, LLC, a Delaware limited liability company;

 

WHEREAS, pursuant to the terms of the Indentures, the Issuer will redeem all of the Notes on the earliest of (a) the third business day after the date on which the Acquisition Agreement is terminated, (b) the third business day after the date on which the Issuer determines (in its discretion) that the conditions to the release of the Escrow Property (as defined herein) cannot be satisfied by April 18, 2015, and (c) April 21, 2015 (the “Redemption Deadline”), if the Acquisition is not consummated by April 18, 2015;

 

WHEREAS, Pending consummation of the Acquisition, the Issuer has agreed to place in escrow certain funds and the Escrow Agent agrees to hold and distribute such funds in accordance with the terms of this Escrow Agreement.

 

NOW, THEREFORE, it is mutually agreed as follows:

 

 

ARTICLE ONE

 

ESCROW DEPOSIT

 

Section 1.01                             Appointment of Escrow Agent.

 

The Issuer hereby appoints Wells Fargo Bank, National Association as Escrow Agent hereunder.

 

Section 1.02                             Receipt of Escrow Property.

 

Upon execution hereof, the Issuer shall deliver to the Escrow Agent the amount of $1,200,000,000 (the “Escrow Property”) in immediately available funds.  Upon receipt of the Escrow Property the Escrow Agent shall deposit the Escrow Property in a segregated account (the “Escrow Account”). The Escrow Agent and the Trustee shall give notice of such receipt, in the form attached hereto as Exhibit A, to the Issuer.

 

Section 1.03                             Investments.

 

(a)                                 The Escrow Agent is authorized and directed to deposit, transfer, hold and invest the Escrow Property and any investment income thereon as set forth in Exhibit E hereto, or as set forth in any subsequent written instruction signed by the Issuer. Absent its timely receipt of instructions from the Issuer, the Escrow Agent shall have no duty to invest (or otherwise pay interest on) the Escrow Property.  With respect to any Escrow Property received by Escrow Agent after 10:00 a.m., New York City time, Escrow Agent shall not be required to invest such funds or to effect any investment instruction until the next Business Day. For purposes of this Escrow Agreement “Business Day” shall mean any day that the Escrow Agent is open for business.  Any investment earnings and income on the Escrow Property shall become part of the Escrow Property, and shall be disbursed in accordance with Section 1.04 or Section 1.06 of this Escrow Agreement.

 

(b)                                 The Escrow Agent is hereby authorized and directed to sell or redeem any such investments to make any payments or distributions required under this Escrow Agreement.  The Escrow Agent shall have no responsibility or liability for any loss, fee, tax, penalty or other charge which may result from any investment, reinvestment, sale or liquidation of investment made pursuant to this Escrow Agreement.  The Escrow Agent is hereby authorized, in making or disposing of any investment permitted by this Escrow Agreement, to deal with itself (in its individual capacity) or with one or more of its affiliates, whether it or any such affiliate is acting as agent of the Escrow Agent or for any third person or dealing as principal for its own account.  The Issuer acknowledges that the Escrow Agent is not providing investment supervision, recommendations or advice.  The Escrow Agent shall be under no duty to afford the Escrow Property any greater degree of care than it gives its own similar property.

 

Section 1.04                             Disbursements.

 

(a)                                 If the Escrow Agent shall have received a certificate from the Issuer in the form attached hereto as Exhibit B (the “Consummation Release Certificate”), executed by one of the authorized signatories listed on Exhibit D to this Escrow Agreement, then the Escrow Agent

 

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shall release and deliver all amounts in the Escrow Account in accordance with the instructions and on the date provided therein, which date shall be no later than the Redemption Deadline; provided that such Consummation Release Certificate is received by the Escrow Agent no later than 9:00 a.m. (Eastern time) on the third business day prior to the day on which the release is to occur; provided further that if a Redemption Release Certificate (as defined below) has been delivered no later than 9:00 a.m. (Eastern time) on the third business day prior to the Redemption Deadline because the Acquisition has not been consummated, the Issuer may revoke such Redemption Release Certificate by delivering a Consummation Release Certificate to the Escrow Agent prior to 9:00 a.m. (Eastern time) on the Redemption Deadline.  The Escrow Agent shall confirm in writing to the Issuer that the Escrow Property has been released by it in accordance with the Consummation Release Certificate.

 

(b)                                 If the Escrow Agent shall have received a certificate from the Issuer in the form attached hereto as Exhibit C (the “Redemption Release Certificate”), executed by one of the authorized signatories listed on Exhibit D to this Escrow Agreement, then the Escrow Agent shall release to the Trustee from the Escrow Account the amount specified in the Redemption Release Certificate in accordance with the instructions and on the date provided therein, which date shall be no later than the Redemption Deadline (the “Special Redemption Date”); provided that such Redemption Release Certificate is received by the Escrow Agent no later than 9:00 a.m. (Eastern time) on the third business day prior to the day on which the release is to occur; provided further that if the Redemption Release Certificate is not received by 9:00 a.m. (Eastern time) on the Redemption Deadline, then the Escrow Agent shall, without the requirement of notice to or action by the Issuer or any other person, promptly release and deliver all amounts in the Escrow Account to the Trustee on the Redemption Deadline.  The Escrow Agent shall confirm in writing to the Issuer that the Escrow Property has been released by it in accordance with the Redemption Release Certificate.  A Redemption Release Certificate may be revoked as provided in paragraph (a) of this Section 1.04.

 

(c)                                  If any funds remain in the Escrow Account after funds sufficient to pay for the redemption of the Notes on the Special Redemption Date have been released from the Escrow Account to the Trustee pursuant to paragraph (b) of this Section 1.04, then such remaining funds shall, on or prior to the close of business on the Special Redemption Date, be released and delivered to the Issuer in accordance with the instructions provided in the Redemption Release Certificate.

 

(d)                                 The Escrow Agent shall confirm each funds transfer instruction received in the name of Issuer by means of the security procedure selected by Issuer and communicated to the Escrow Agent through a signed certificate in the form of Exhibit D attached hereto, which upon receipt by the Escrow Agent shall become a part of this Escrow Agreement.  Once delivered to the Escrow Agent, Exhibit D may be revised or rescinded only by a writing signed by an authorized representative of Issuer.  Such revisions or rescissions shall be effective only after actual receipt and following such period of time as may be necessary to afford the Escrow Agent a reasonable opportunity to act on it.  If a revised Exhibit D or a rescission of an existing Exhibit D is delivered to the Escrow Agent by an entity that is a successor-in-interest to Issuer, such document shall be accompanied by additional documentation satisfactory to the Escrow Agent showing that such entity has succeeded to the rights and responsibilities of Issuer under this Escrow Agreement.

 

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(e)                                  Issuer understands that the Escrow Agent’s inability to receive or confirm funds transfer instructions pursuant to the security procedure selected by Issuer may result in a delay in accomplishing such funds transfer, and agree that the Escrow Agent shall not be liable for any loss caused by any such delay.

 

Section 1.05                             Income Tax Allocation and Reporting.

 

(a)                                 The Issuer agrees that, for tax reporting purposes, all interest and other income from investment of the Escrow Property shall, as of the end of each calendar year and to the extent required by the Internal Revenue Service, be reported as having been earned by the Issuer, whether or not such income was disbursed during such calendar year.

 

(b)                                 Prior to the date hereof, the Issuer shall provide the Escrow Agent with certified tax identification numbers by furnishing appropriate forms W-9 or W-8 and such other forms and documents that the Escrow Agent may request.  The Issuer understands that if such tax reporting documentation is not provided and certified to the Escrow Agent, the Escrow Agent may be required by the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder, to withhold a portion of any interest or other income earned on the investment of the Escrow Property.

 

(c)                                  To the extent that the Escrow Agent becomes liable for the payment of any taxes in respect of income derived from the investment of the Escrow Property, the Escrow Agent shall satisfy such liability to the extent possible from the Escrow Property.  The Issuer shall indemnify, defend and hold the Escrow Agent harmless from and against any tax, late payment, interest, penalty or other cost or expense that may be assessed against the Escrow Agent on or with respect to the Escrow Property and the investment thereof unless such tax, late payment, interest, penalty or other expense was directly caused by the gross negligence or willful misconduct of the Escrow Agent.  The indemnification provided by this Section 1.05(c) is in addition to the indemnification provided in Section 3.02 hereof and shall survive the resignation or removal of the Escrow Agent and the termination of this Escrow Agreement.

Section 1.06                             Termination.

 

This Escrow Agreement shall terminate on the earlier of (i) the Redemption Deadline or (ii) upon the disbursement of all of the Escrow Property, including any interest and investment earnings thereon, and shall thereafter be of no further force and effect, except that the provisions of Sections 1.05(c), 3.01 and 3.02 hereof shall survive such termination.

 

ARTICLE TWO

 

DUTIES OF THE ESCROW AGENT

 

Section 2.01                             Scope of Responsibility.

 

Notwithstanding any provision to the contrary, the Escrow Agent is obligated only to perform the duties specifically set forth in this Escrow Agreement, which shall be deemed purely ministerial in nature.  Under no circumstances will the Escrow Agent be deemed to be a fiduciary to the Issuer or any other person under this Escrow Agreement.  The Escrow Agent will

 

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not be responsible or liable for the failure of the Issuer to perform in accordance with this Escrow Agreement. The Escrow Agent shall neither be responsible for, nor chargeable with, knowledge of the terms and conditions of any other agreement, instrument, or document other than this Escrow Agreement, whether or not an original or a copy of such agreement has been provided to the Escrow Agent; and the Escrow Agent shall have no duty to know or inquire as to the performance or nonperformance of any provision of any such agreement, instrument, or document.  References in this Escrow Agreement to any other agreement, instrument, or document are for the convenience of the Issuer, and the Escrow Agent has no duties or obligations with respect thereto.  This Escrow Agreement sets forth all matters pertinent to the escrow contemplated hereunder, and no additional obligations of the Escrow Agent shall be inferred or implied from the terms of this Escrow Agreement or any other agreement.

 

Section 2.02                             Authorized Signors.

 

Concurrent with the execution of this Escrow Agreement, the Issuer shall deliver to the Escrow Agent Exhibit D which contains authorized signer designations in Part I thereof.

 

ARTICLE THREE

 

PROVISIONS CONCERNING THE ESCROW AGENT AND THE TRUSTEE

 

Section 3.01                             Compensation.

 

For services rendered hereunder, the Escrow Agent shall be entitled to such compensation as shall have been previously agreed to in writing between the Issuer and the Escrow Agent.  The Issuer agrees to pay such compensation and to reimburse the Escrow Agent for the out-of-pocket expenses (including, without limitation, attorneys’ and other professionals’ fees and expenses) incurred by it in connection with the services rendered by it hereunder.  In the event that any fees and expenses owed to the Escrow Agent (or its counsel) are not paid to the Escrow Agent within 90 calendar days following the presentment of an invoice for the payment of such fees and expenses or the demand for such payment, then the Escrow Agent may, without further action or notice, pay such fees from the Escrow Property and may sell, convey or otherwise dispose of any Escrow Property for such purpose.  The Escrow Agent may, in its sole discretion, withhold from any distribution of the Escrow Property an amount equal to any unpaid fees and expenses to which the Escrow Agent is entitled hereunder.  The provisions of this Section shall survive the termination of this Escrow Agreement or the resignation or removal of the Escrow Agent.

 

Section 3.02                             Indemnification.

 

The Issuer agrees to indemnify the Escrow Agent for, and to hold it harmless against, any and all loss, liability, damage, claim, cost or expense, including attorneys’ fees and expenses (including the costs and expenses of defending against any claim of liability, regardless of who asserts such claim), incurred by the Escrow Agent arising out of or in connection with its appointment as Escrow Agent hereunder, except such losses, liabilities, damages, claims, costs or expenses as may be finally adjudicated to have resulted from the gross negligence or willful misconduct of the Escrow Agent.  The Escrow Agent shall incur no liability and shall be

 

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indemnified and held harmless by the Issuer for, or in respect of, any actions taken, omitted to be taken or suffered to be taken in good faith by the Escrow Agent in reliance upon any signature, endorsement, assignment, certificate, order, request, notice, instruction or other instrument or document believed to be valid and genuine.  The Escrow Agent shall notify the Issuer, by letter or facsimile transmission, of a claim against the Escrow Agent or of any action commenced against the Escrow Agent, promptly after the Escrow Agent shall have received written notice thereof.  The Issuer shall be entitled to participate at its own expense in the defense of any such claim or other action and, if the Issuer so elects, the Issuer shall assume the defense of any suit brought to enforce any such claim.  In the event that the Issuer assumes the defense of any such suit, the Issuer shall not be liable for the fees and expenses of any additional counsel thereafter retained by the Escrow Agent, so long as the Issuer shall retain counsel satisfactory to the Escrow Agent; provided, that the Issuer shall not be entitled to assume the defense of any such action if the named parties to such action include both the Escrow Agent and the Issuer and representation of both parties by the same counsel would, in the written opinion of the Escrow Agent’s counsel, be inappropriate due to actual or potential conflicting interests between the Escrow Agent and the Issuer.  The provisions of this Section shall survive the termination of this Escrow Agreement or the resignation or removal of the Escrow Agent.

 

Section 3.03                             Rights of Escrow Agent.

 

The Escrow Agent:

 

(a)                                 shall not be liable for any act or omission by it unless such act or omission constitutes gross negligence or willful misconduct; in no event shall the Escrow Agent be liable to the Issuer or any third party for special, punitive, indirect or consequential damages, including but not limited to lost profits, irrespective of whether the Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action arising in connection with this Escrow Agreement;

 

(b)                                 shall have no duties or obligations other than those specifically set forth herein or as may be subsequently agreed to in writing between the Escrow Agent and the Issuer and the Escrow Agent shall have no liability under, and no duty to inquire as to, the provisions of any agreement other than this Escrow Agreement;

 

(c)                                  shall not be obligated to take any action hereunder which might in the Escrow Agent’s judgment involve any risk of expense, loss or liability, unless it shall have been furnished with indemnity and/or security satisfactory to it;

 

(d)                                 may conclusively rely on and shall be protected in acting or refraining from acting upon any certificate, instrument, opinion, notice, letter, or other document or security delivered to it and believed by it to be genuine and to have been signed or presented by the proper person or persons;

 

(e)                                  may conclusively rely on and shall be protected in acting or refraining from acting upon written or oral instructions from the Issuer;

 

(f)                                   may consult with counsel of its selection, including its in-house counsel, with respect to any questions relating to its duties and responsibilities and the advice or opinion

 

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of such counsel, or any opinion of counsel to the Issuer provided to the Escrow Agent shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by the Escrow Agent hereunder in accordance with the advice or opinion of such counsel; and

 

(g)                                  may perform any duties hereunder either directly or by or through agents and attorneys and the Escrow Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder.

 

Section 3.04                             Disagreements.

 

If, at any time, (a) there shall exist any dispute with respect to the holding or disposition of all or any portion of the Escrow Property or any other obligations of the Escrow Agent hereunder or (b) the Escrow Agent is in doubt as to the action to be taken hereunder, the Escrow Agent is authorized to retain the Escrow Property until (i) such dispute or uncertainty shall be resolved to the  satisfaction of the Escrow Agent in its sole discretion or (ii) the Escrow Agent files an interpleader action in any court of competent jurisdiction, and upon the filing thereof, the Escrow Agent shall be relieved of all liability as to the Escrow Property and shall be entitled to recover attorneys’ fees, expenses and other costs incurred in commencing and maintaining any such interpleader action.  The Escrow Agent shall be entitled to act on any agreement, court order or arbitration decision without further question, inquiry or consent.  The Escrow Agent shall have no liability to the the Issuer or any other person with respect to any suspension of performance or disbursement into court, specifically including any liability or claimed liability that may arise, or be alleged to have arisen, out of or as a result of any delay in the disbursement of the Escrow Property or any delay in or with respect to any other action required or requested of Escrow Agent.

 

Section 3.05                             Attachment of Escrow Property; Compliance with Legal Orders.

 

In the event that any Escrow Property shall be attached, garnished or levied upon by any court order, or the delivery thereof shall be stayed or enjoined by an order of a court, or any order, judgment or decree shall be made or entered by any court order affecting the Escrow Property, the Escrow Agent is hereby expressly authorized, in its sole discretion, to respond as it deems appropriate or to comply with all writs, orders or decrees so entered or issued, or which it is advised by legal counsel of its own choosing is binding upon it, whether with or without jurisdiction.  In the event that the Escrow Agent obeys or complies with any such writ, order or decree, it shall not be liable to the Issuer or to any other person, firm or corporation, should, such compliance notwithstanding, such writ, order or decree be subsequently reversed, modified, annulled, set aside or vacated.

 

Section 3.06                             Resignation.

 

Escrow Agent may resign and be discharged from the performance of its duties hereunder at any time by giving ten (10) days written notice to the Issuer specifying the date when such resignation shall take effect.  The Issuer shall appoint a successor Escrow Agent hereunder prior to the effective date of resignation.  The Escrow Agent shall transmit all records pertaining to the

 

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Escrow Property and shall pay all Escrow Property to the successor escrow agent, after making copies of record the Escrow Agent deems advisable and after deduction and payment to the Escrow Agent of all fees and expenses (including court costs and attorneys’ fees and expenses) payable to, incurred by, or expected to be incurred by the Escrow Agent in connection with the performance of its duties and the exercise of its rights hereunder.  Upon delivery of the Escrow Property to the successor escrow agent, the Escrow Agent shall have no further duties, responsibilities or obligations hereunder.

 

Section 3.07                             Concerning the Trustee.

 

This Escrow Agreement has been accepted, executed and delivered by the Trustee in its capacity as Trustee under and pursuant to the terms of each of the Indentures.  The Trustee shall be entitled to all rights, privileges, immunities and protections set forth in the Indentures in the acceptance, execution, delivery and performance of this Escrow Agreement as though fully set forth herein.

ARTICLE FOUR

 

MISCELLANEOUS

 

Section 4.01                             Merger, Consolidation.

 

Any entity into which the Escrow Agent may be merged or which it may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the Escrow Agent shall be a party, or any entity succeeding to all or substantially all the escrow or corporate trust business of the Escrow Agent shall be the successor Escrow Agent hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto except where an instrument of transfer or assignment is required by law to effect such succession, anything herein to the contrary notwithstanding.

 

Section 4.02                             Escheat.

 

The parties hereto are aware that under applicable state law, property which is presumed abandoned may under certain circumstances escheat to the appropriate state.  The Escrow Agent shall have no liability to the Issuer, its heirs, legal representatives, successors and assigns, or any other party, should any or all of the Escrow Property be subject to escheat.

 

Section 4.03                             Notices.

 

Unless otherwise provided herein, all notices, requests and other communications to any party hereunder shall be in writing (including facsimile and electronic transmission in PDF format) and shall be given to such party, addressed to it, at its address or facsimile number set forth below:

 

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If to the Issuer:

 

Steel Dynamics, Inc.

7575 West Jefferson Blvd.

Fort Wayne, Indiana 46804

Facsimile:  260 969 3587

Attention:  Theresa E. Wagler

Email: theresa.wagler@steeldynamics.com

 

with a copy to:

 

Barrett & McNagny LLP

215 East Berry Street

Fort Wayne, Indiana 46802

Facsimile:  260 423 8920

Attention:  Robert S. Walters

Email: rsw@barrettlaw.com

 

If to the Escrow Agent:

 

Wells Fargo Bank, National Association

10 South Wacker Drive, 13th Floor

Chicago, Illinois  60606

Facsimile:  (312) 726-2158

Email: Gregory.S.Clarke@wellsfargo.com

 

If to the Trustee:

 

Wells Fargo Bank, National Association

10 South Wacker Drive, 13th Floor

Chicago, Illinois  60606

Facsimile:  (312) 726-2158

Email: Gregory.S.Clarke@wellsfargo.com

 

 

Section 4.04          Governing Law.

 

This Escrow Agreement and the Escrow Agent’s appointment hereunder shall be construed and enforced in accordance with the laws of the State of New York applicable to agreements made and to be performed entirely within such state, and without regard to conflicts of laws principles thereof.  This Escrow Agreement shall inure to the benefit of the parties hereto and nothing in this Escrow Agreement, express or implied, is intended to or shall confer upon any other person any right, benefit or remedy of any nature whatsoever under or by reason of this Escrow Agreement. The Escrow Agent may assign or transfer its rights under this Escrow Agreement to any of its affiliates without the prior written consent of any party hereto, provided that the Escrow Agent shall notify the Issuer in writing of such assignment or transfer promptly

 

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following the effectiveness thereof.  For purposes of this Section, “affiliate” means any Person that directly or indirectly controls, or is under common control with, or is controlled by, the Escrow Agent, provided that “control” (including its correlative meanings, “controlled by” and “under common control with”) shall mean possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise).

 

Section 4.05          Entire Escrow Agreement.

 

This Escrow Agreement sets forth the entire agreement and understanding of the parties hereto related to the Escrow Property.  All prior and contemporaneous negotiations and agreements between the parties hereto on the matter contained in this Agreement are expressly merged into and superseded by this Agreement.

 

Section 4.06          Amendment.

 

This Escrow Agreement shall not be amended, in whole or in part except by a written instrument signed by the Issuer, the Trustee, and the Escrow Agent. This Escrow Agreement may not be modified orally or by electronic mail (other than in PDF format).

 

Section 4.07          Waivers.

 

The failure of either party to this Escrow Agreement at any time to require performance of any provision under this Escrow Agreement shall not affect the right at a later time to enforce the same performance.  A waiver by either party to this Escrow Agreement of any condition or breach of any term, covenant, representation, or warranty contained in this Escrow Agreement, in one or more instances, shall not be construed as a further or continuing waiver of any such condition or breach or a waiver of any other condition or breach of any other term, covenant, representation, or warranty contained in this Escrow Agreement.

 

Section 4.08          Headings.

 

The section headings herein are for convenience only and shall not affect the construction hereof.

 

Section 4.09          Counterparts.

 

This Escrow 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 constitute one and the same agreement. The exchange of copies of this Escrow Agreement and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Escrow Agreement as to the parties hereto and may be used in lieu of the original Escrow Agreement for all purposes.  Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

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Section 4.10          Severability.

 

In case any provision of this Escrow Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 4.11          Force Majeure.

 

In no event shall the Escrow Agent be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused, directly or indirectly, by forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services. The Escrow Agent shall use shall use commercially reasonable efforts, consistent with accepted practices in the banking industry, to resume performance as soon as practicable under the circumstances.

 

Section 4.12          Venue; Consent to Jurisdiction.

 

(a)           Any legal suit, action or proceeding arising out of or based upon this Escrow Agreement or the transactions contemplated hereby (“Related Proceedings”) may be instituted in the federal courts of the United States of America located in the City and County of New York or the courts of the State of New York in each case located in the City and County of New York (collectively, the “Specified Courts”), and each party irrevocably submits to the exclusive jurisdiction (except for suits, actions, or proceedings instituted in regard to the enforcement of a judgment of any Specified Court in a Related Proceeding, as to which such jurisdiction is non-exclusive) of the Specified Courts in any Related Proceeding.  Service of any process, summons, notice or document by mail to such party’s address set forth above shall be effective service of process for any Related Proceeding brought in any Specified Court.  The parties irrevocably and unconditionally waive any objection to the laying of venue of any Specified Proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim in any Specified Court that any Related Proceeding brought in any Specified Court has been brought in an inconvenient forum.

 

(b)           EACH PARTY HERETO, TO THE EXTENT PERMITTED BY LAW, KNOWINGLY, VOLUNTARILY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY.  THIS WAIVER APPLIES TO ANY ACTION OR LEGAL PROCEEDING, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.

 

Section 4.13          U.S.A. Patriot Act.

 

The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Escrow Agent, in order to help fight the funding of terrorism and prevent money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Escrow Agent.  The parties to this Escrow Agreement agree that they will provide the Escrow Agent with such

 

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information as it may request in order for the Escrow Agent to satisfy the requirements of the U.S.A. Patriot Act.

 

Section 4.14          Publication; Disclosure.  By executing this Escrow Agreement, the Issuer, the Trustee and the Escrow Agent acknowledge that this Escrow Agreement (including related attachments) contains certain information that is sensitive and confidential in nature and agree that such information needs to be protected from improper disclosure, including the publication or dissemination of this Escrow Agreement and related information to individuals or entities not a party to this Escrow Agreement.  The Issuer further agrees to take reasonable measures to mitigate any risks associated with the publication or disclosure of this Escrow Agreement and information contained therein, including, without limitation, the redaction of the manual signatures of the signatories to this Escrow Agreement, Exhibit D or, in the alternative, publishing a conformed copy of this Escrow Agreement.  If the Issuer must disclose or publish this Escrow Agreement or information contained therein pursuant to any regulatory, statutory, or governmental requirement, as well as any judicial, or administrative order, subpoena or discovery request, it shall notify in writing the other party and the Escrow Agent at the time of execution of this Escrow Agreement of the legal requirement to do so.  If Issuer becomes aware of any threatened or actual unauthorized disclosure, publication or use of this Escrow Agreement, Issuer shall promptly notify in writing the Trustee and the Escrow Agent and shall be liable for any unauthorized release or disclosure.

 

[Signature pages to follow]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Escrow Agreement to be executed by their respective officers, hereunto duly authorized, as of the day and year first above written.

 

	
 
    	
STEEL   DYNAMICS, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Theresa E. Wagler
    
	
 
    	
Name:
    	
Theresa   E. Wagler
    
	
 
    	
Title:
    	
Executive   Vice President
    

 

[Signature page to Escrow Agreement]

 

 

	
 
    	
WELLS   FARGO BANK, NATIONAL ASSOCIATION, as Escrow Agent
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Stefan Victory
    
	
 
    	
Name:
    	
Stefan   Victory
    
	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
WELLS   FARGO BANK, NATIONAL ASSOCIATION, as Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Stefan Victory
    
	
 
    	
Name:
    	
Stefan   Victory
    
	
 
    	
Title:
    	
Vice   President
    

 

[Signature page to Escrow Agreement]

 

 

EXHIBIT A

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

10 South Wacker Drive, 13th Floor
 Chicago, Illinois 60606

 

Steel Dynamics, Inc.

7575 West Jefferson Blvd.

Fort Wayne, Indiana 46804

Facsimile:  260 969 3587

Attention:  Theresa E. Wagler

 

Re:  Receipt of Escrow Amount

 

Ladies and Gentlemen:

 Wells Fargo Bank, National Association, as escrow agent (the “Escrow Agent”) under the Escrow Agreement, dated September 9, 2014 (the “Escrow Agreement”), among Steel Dynamics, Inc. (the “Issuer”), Wells Fargo Bank, National Association, as trustee, and the Escrow Agent, relating to the Issuer’s 5.125% Senior Notes due 2021 and 5.500% Senior Notes due 2024, hereby acknowledges receipt pursuant to Section 1.02 of the Escrow Agreement of the aggregate amount of $1,200,000,000.00 in the form of cash by wire transfer in immediately available funds, which amount represents the initial deposit of the Escrow Property under Section 1.02 of the Escrow Agreement.  Such Escrow Property has been deposited in the Escrow Account, which has been established as set forth in the Escrow Agreement.

 

	
 
    	
WELLS   FARGO BANK, NATIONAL ASSOCIATION, as Escrow Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

Ex. A - 1

 

EXHIBIT B

 

CONSUMMATION RELEASE CERTIFICATE

 

Reference is made to the Escrow Agreement, dated September 9, 2014 (the “Escrow Agreement”), by and among Steel Dynamics, Inc. (the “Issuer”), Wells Fargo Bank, National Association, as trustee under each of the Indentures (the “Trustee”), and Wells Fargo Bank, National Association, as escrow agent (“Escrow Agent”).  Capitalized terms used but not defined herein have the meanings assigned to them in the Escrow Agreement.

 

The undersigned                            , in his or her capacity as                                 of the Issuer, does hereby certify on behalf of the Issuer that:

 

(1)           the Acquisition will be consummated on substantially the terms described in the Preliminary Offering Memorandum and the Final Offering Memorandum, substantially concurrently with the release of the Escrow Property and the Escrow Property will be applied in the manner described under the caption “Use of Proceeds” in the Preliminary Offering Memorandum and the Final Offering Memorandum; and

 

(2)           no Default or Event of Default has occurred and is continuing under, with respect to the 2021 Notes, the 2021 Notes Indenture and, with respect to the 2024 Notes, the 2024 Notes Indenture.

 

Pursuant to the Escrow Agreement, the Issuer hereby authorizes and directs release by the Escrow Agent of the Escrow Property as follows:

 

(a)           $16,500,000.00, representing the sum of 1.375% of the aggregate principal amount of the Notes in immediately available funds as follows:

 

	
Payee:
    	
 
    	
Wire Instructions:
    
	
 
    	
 
    	
 
    
	
Goldman   Sachs & Co.
    	
 
    	
Bank   Name: 
   ABA Number: 
   Account Name: Goldman Sachs & Co. 
   Account Number: 
   Attn: 
   Ref: Steel Dynamics, Inc.
    

 

(b)           after making the transfer described in paragraph (a) above, an amount equal to all amounts remaining in the Escrow Account, payable to the Issuer by wire transfer of immediately available funds as follows:

 

	
Payee:
    	
 
    	
Wire Instructions:
    
	
 
    	
 
    	
 
    
	
Steel   Dynamics, Inc.
    	
 
    	
Bank   Name: 
   ABA Number: 
   Account Name: Steel Dynamics, Inc. 
   Account Number: 
   Attn: 
   Ref:
    

 

[Remainder of page intentionally left blank]

 

Ex. B - 1

 

	
 
    	
STEEL   DYNAMICS, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

Ex. B - 2

 

ACKNOWLEDGMENT OF RELEASE

 

The Escrow Agent hereby confirms to the Issuer that the Escrow Property has been released by it in accordance with the Consummation Release Certificate.

 

	
 
    	
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Escrow   Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

Ex. B - 3

 

EXHIBIT C

 

REDEMPTION RELEASE CERTIFICATE

 

Reference is made to the Escrow Agreement, dated September 9, 2014 (the “Escrow Agreement”), by and among Steel Dynamics, Inc. (the “Issuer”), Wells Fargo Bank, National Association, as trustee under each of the Indentures (the “Trustee”), and Wells Fargo Bank, National Association, as escrow agent (“Escrow Agent”).  Capitalized terms used but not defined herein have the meanings assigned to them in the Escrow Agreement.

 

The undersigned                                      , in his or her capacity as                                       of the Issuer, does hereby certify on behalf of the Issuer that [the Acquisition Agreement has been terminated prior to April 18, 2015][the Acquisition has not been consummated, and is not expected to be consummated, on or prior to April 18, 2015][the Acquisition has not been consummated, but may be consummated on or prior to April 18, 2015] and the Issuer is required to redeem each series of Notes pursuant to Section [3.10] of each of the Indentures.

 

Pursuant to the Escrow Agreement, the Issuer hereby authorizes and directs release by the Escrow Agent of the Escrow Property as follows:

 

(a)                                 $[·], representing 100.000% of the aggregate principal amount of each series of Notes, payable to the Trustee by wire transfer (or internal transfer, if applicable) of immediately available funds as follows:

 

	
Payee:
    	
 
    	
Wire Instructions:
    
	
 
    	
 
    	
 
    
	
Wells   Fargo Bank, National Association
    	
 
    	
Wells   Fargo Bank, N.A. 

ABA   No.: 

Account   No.: 

Attention:   

Reference:
    

 

(b)                                 after making the transfers described in paragraph (a) above, an amount equal to all amounts remaining in the Escrow Account, payable to the Issuer by wire transfer of immediately available funds as follows:

 

	
Payee:
    	
 
    	
Wire Instructions:
    
	
 
    	
 
    	
 
    
	
Steel   Dynamics, Inc.
    	
 
    	
Bank   Name: 

ABA   Number: 

Account   Name: Steel Dynamics, Inc. 

Account   Number: 

Attn:   

Ref:
    

 

Notwithstanding the foregoing, in the event the certification above indicates that the Acquisition may be consummated on or prior to April 18, 2015, this Redemption Release Certificate may be revoked by delivery of a Consummation Release Certificate on or prior to April 18, 2015.

 

Ex. C - 1

 

	
 
    	
STEEL   DYNAMICS, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    

 

Ex. C - 2

 

ACKNOWLEDGMENT OF RELEASE

 

The Escrow Agent hereby confirms to the Issuer that the Escrow Property has been released by it in accordance with the Redemption Release Certificate.

 

	
 
    	
WELLS   FARGO BANK, NATIONAL ASSOCIATION, as
    
	
 
    	
Escrow Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

Ex. C - 3

 

EXHIBIT D

 

Steel Dynamics, Inc. certifies that the names, titles, telephone numbers, e-mail addresses and specimen signatures set forth in Parts I and II of this Exhibit D identify the persons authorized to provide direction and initiate or confirm transactions, including funds transfer instructions, on behalf of Steel Dynamics, Inc., and that the option checked in Part III of this Exhibit D is the security procedure selected by Steel Dynamics, Inc. for use in verifying that a funds transfer instruction received by the Escrow Agent is that of Steel Dynamics, Inc.

 

Steel Dynamics, Inc. has reviewed each of the security procedures and has determined that the option checked in Part III of this Exhibit D best meets its requirements; given the size, type and frequency of the instructions it will issue to the Escrow Agent.  By selecting the security procedure specified in Part III of this Exhibit D, Steel Dynamics, Inc. acknowledges that it has elected to not use the other security procedures described and agrees to be bound by any funds transfer instruction, whether or not authorized, issued in its name and accepted by the Escrow Agent in compliance with the particular security procedure chosen by Steel Dynamics, Inc.

 

NOTICE:  The security procedure selected by Steel Dynamics, Inc. will not be used to detect errors in the funds transfer instructions given by Steel Dynamics, Inc.  If a funds transfer instruction describes the beneficiary of the payment inconsistently by name and account number, payment may be made on the basis of the account number even if it identifies a person different from the named beneficiary.  If a funds transfer instruction describes a participating financial institution inconsistently by name and identification number, the identification number may be relied upon as the proper identification of the financial institution.  Therefore, it is important that Steel Dynamics, Inc. take such steps as it deems prudent to ensure that there are no such inconsistencies in the funds transfer instructions it sends to the Escrow Agent.

 

Part I

 

Name, Title, Telephone Number, Electronic Mail (“e-mail”) Address and Specimen Signature for person(s) designated to provide direction, including but not limited to funds transfer instructions, and to otherwise act on behalf of Steel Dynamics, Inc.

 

	
Name
    	
 
    	
Title
    	
 
    	
Telephone Number
    	
 
    	
E-mail Address
    	
 
    	
Specimen Signature
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Theresa E.   Wagler
    	
 
    	
EVP and CFO
    	
 
    	
260-969-3567
    	
 
    	
theresa.wagler@steeldynamics.com
    	
 
    	
/s/ Theresa E.   Wagler
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Richard A.   Poinsatte
    	
 
    	
VP and Treasurer
    	
 
    	
260-969-3560
    	
 
    	
rick.poinsatte@steeldynamics.com
    	
 
    	
/s/ Richard A.   Poinsatte
    

 

Ex. D - 1

 

Part II

 

Name, Title, Telephone Number and E-mail Address for

person(s) designated to confirm funds transfer instructions

 

	
Name
    	
 
    	
Title
    	
 
    	
Telephone Number
    	
 
    	
E-mail Address
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Theresa E.   Wagler
    	
 
    	
EVP and CFO
    	
 
    	
260-969-3567
    	
 
    	
theresa.wagler@steeldynamics.com
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Richard A.   Poinsatte
    	
 
    	
VP and Treasurer
    	
 
    	
260-969-3560
    	
 
    	
rick.poinsatte@steeldynamics.com
    

 

Ex. D - 2

 

Part III

 

Means for delivery of instructions and/or confirmations

 

The security procedure to be used with respect to funds transfer instructions is checked below:

 

o                                    Option 1.  Confirmation by telephone call-back.  The Escrow Agent shall confirm funds transfer instructions by telephone call-back to a person at the telephone number designated on Part II above.  The person confirming the funds transfer instruction shall be a person other than the person from whom the funds transfer instruction was received, unless only one person is designated in both Parts I and II of this Exhibit D.

o            CHECK box, if applicable:

If the Escrow Agent is unable to obtain confirmation by telephone call-back, the Escrow Agent may, at its discretion, confirm by e-mail, as described in Option 2.

 

x                                  Option 2.  Confirmation by e-mail.  The Escrow Agent shall confirm funds transfer instructions by e-mail to a person at the e-mail address specified for such person in Part II of this Exhibit D.  The person confirming the funds transfer instruction shall be a person other than the person from whom the funds transfer instruction was received, unless only one person is designated in both Parts I and II of this Exhibit D.  Steel Dynamics, Inc. understands the risks associated with communicating sensitive matters, including time sensitive matters, by e-mail.  Steel Dynamics, Inc. further acknowledges that instructions and data sent by e-mail may be less confidential or secure than instructions or data transmitted by other methods. The Escrow Agent shall not be liable for any loss of the confidentiality of instructions and data prior to receipt by the Escrow Agent.

x          CHECK box, if applicable:

If the Escrow Agent is unable to obtain confirmation by e-mail, the Escrow Agent may, at its discretion, confirm by telephone call-back, as described in Option 1.

 

o                                    Option 3. Delivery of funds transfer instructions by password protected file transfer system only - no confirmation.  The Escrow Agent offers the option to deliver funds transfer instructions through a password protected file transfer system. If Steel Dynamics, Inc. wishes to use the password protected file transfer system, further instructions will be provided by the Escrow Agent.  If Steel Dynamics, Inc. chooses this Option 3, it agrees that no further confirmation of funds transfer instructions will be performed by the Escrow Agent.

 

o                                    Option 4.  Delivery of funds transfer instructions by password protected file transfer system with confirmation.  Same as Option 3 above, but the Escrow Agent shall confirm funds transfer instructions by o telephone call-back or o e-mail (must check at least one, may check both) to a person at the telephone number or e-mail address designated on Part II above.  By checking a box in the prior sentence, the party shall be deemed to have agreed to the terms of such confirmation option as more fully described in Option 1 and Option 2 above.

 

	
Dated this 9th day of   September, 2014.
    	
 
    
	
 
    	
 
    
	
By
    	
/s/ Richard A. Poinsatte
    	
 
    
	
Name:
    	
Richard A. Poinsatte
    	
 
    
	
Title:
    	
Vice   President
    	
 
    
				

 

Ex. D - 3

 

EXHIBIT E

 

AGENCY AND CUSTODY ACCOUNT DIRECTION
 FOR CASH BALANCES

 

Direction to use the following Wells Fargo Money Market Deposit Accounts for Cash Balances for the escrow account or accounts (the “Account”) established under the Escrow Agreement to which this Exhibit E is attached.

 

You are hereby directed to deposit, as indicated below, or as I shall direct further in writing from time to time, all cash in the Account(s) in the following investment:

 

x Uninvested Cash

 

I understand that amounts on deposit uninvested are insured, subject to the applicable rules and regulations of the Federal Deposit Insurance Corporation (FDIC), in the basic FDIC insurance amount of $250,000 per depositor, per insured bank. This includes principal and accrued interest up to a total of $250,000.   The undersigned acknowledges that he has full power to direct investments of the Account.

 

I acknowledge that I have full power to direct investments of the Account.

 

The undersigned understands that it may change this direction at any time and that it shall continue in effect until revoked or modified by the undersigned by written notice to you.

 

 

	
 
    	
STEEL   DYNAMICS, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Richard A. Poinsatte
    
	
 
    	
Name:
    	
Richard   A. Poinsatte
    
	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    
	
 
    	
 
    
	
September 9,   2014
    	
 
    
				

 

Ex. E - 1EX-10.21

 Exhibit 10.21 
  

 
 FORM OF 

SERVICE AGREEMENT 
 Dated:
[Date] 
  
 

 
 Avolon Aerospace Leasing Limited 

and 
 [Employee Name] 

 Table of Contents 

 

							
	 	 	 	  	Page	 
			
	 1
	 	 Interpretation
	  	 	1	  
			
	 2
	 	 Commencement of Employment
	  	 	2	  
			
	 3
	 	 Appointment and Duties of the Executive
	  	 	3	  
			
	 4
	 	 Hours
	  	 	4	  
			
	 5
	 	 Interests of the Executive
	  	 	4	  
			
	 6
	 	 Location
	  	 	4	  
			
	 7
	 	 Salary and Benefits
	  	 	4	  
			
	 8
	 	 Holidays
	  	 	5	  
			
	 9
	 	 Notification of Illness
	  	 	6	  
			
	 10
	 	 Expenses
	  	 	7	  
			
	 11
	 	 Confidentiality
	  	 	7	  
			
	 12
	 	 Copyright / Executive Inventions
	  	 	7	  
			
	 13
	 	 Probation
	  	 	9	  
			
	 14
	 	 Termination and Suspension
	  	 	9	  
			
	 15
	 	 Garden Leave
	  	 	10	  
			
	 16
	 	 Restrictions after Termination of Employment
	  	 	12	  
			
	 17
	 	 Offers on Liquidation
	  	 	13	  
			
	 18
	 	 Return of Company Property
	  	 	13	  
			
	 19
	 	 Directorships
	  	 	13	  
			
	 20
	 	 Notices
	  	 	14	  
			
	 21
	 	 Statutory Particulars
	  	 	14	  
			
	 22
	 	 Data Protection Acts 1988 and 2003
	  	 	15	  
			
	 23
	 	 Miscellaneous
	  	 	15	  

  
 i 

 This Agreement is made on [Date] between 

 

	(1)	Avolon Aerospace Leasing Limited (the “Company”) of The Oval, Building 1, Shelbourne Road, Ballsbridge, Dublin 4, Ireland, and 

 

	(2)	[Employee Name] of [Address] (the “Executive”). 

 This agreement records the terms on which
the Executive will serve the Company. 
  

	1	Interpretation 

  

	    	In this agreement (and any schedules to it): 

  

	1.1	Definitions 

  

	    	“Businesses” means: 

  

	 	(a)	all and any trades or other commercial activities carried on with a view to profit by the Company or any Group Company at the Termination Date with which the Executive shall have been concerned or involved to any
material extent at any time during the six (6) months prior to the Termination Date; or 

  

	 	(b)	all and any trades or other commercial activities which the Company or any Group Company shall at the Termination Date have determined to carry on with a view to profit in the immediate or foreseeable future;

  

	    	and in relation to which the Executive shall at the Termination Date possess any Confidential Business Information. 

  

	    	“Business Days” means a day on which banks are generally open for business in Dublin. 

  

	    	“Confidential Business Information” means all and any Corporate Information, Marketing Information, Technical Information and other information (whether or not recorded in documentary form or on
computer disk, tape or other media): 

  

	 	(a)	which the Executive shall acquire at any time during his/her employment by the Company; and 

  

	 	(b)	which is not in the public domain. 

  

	    	“Corporate Information” means all and any information (whether or not recorded in documentary form or on computer disk, tape or other media) relating to the business methods, corporate plans, management
systems, finances, securities and trading positions and procedures, employee-related information, developing new business opportunities or research and development projects of the Company or any Group Company. 

 

	    	“Employment” means the employment governed by this agreement. 

  
 1 

	    	“Group” means the Company and any holding company of the Company or subsidiary or Group Company of the Company or of any such holding company in accordance with Section 155 of the Companies Act
1963, as amended. 

  

	    	“Group Company” means a member of the Group and “Group Companies” will be interpreted accordingly. 

  

	    	“Holding Company” has the meaning given in section 155 of the Companies Act 1963, as amended. 

  

	    	“Immediate Relatives” shall include husband, wife, common law spouse, children, brothers, sisters and the aforesaid relatives by marriage. 

 

	    	“Marketing Information” means all and any information (whether or not recorded in documentary form or on computer disk or tape) relating to the marketing or sales of any past, present or future product
or service of the Company or any Group Company including without limitation sales targets and statistics, market share and pricing statistics, marketing surveys and plans, market research reports, sales techniques, price lists, discount structures,
past, present or future credit-related applications, advertising and promotional material, the names, addresses, telephone numbers, contact names and identities of customers and potential customers of and suppliers and potential suppliers to
the Company or any Group Company, the nature of their business operations, their requirements for any product or service sold to or purchased by the Company or any Group Company and all confidential aspects of their business relationship with the
Company or any Group Company. 

  

	    	“Technical Information” means all and any trade secrets, secret formulae, process, inventions, designs, know-how, discoveries, technical specifications and other technical information (whether or not
recorded in documentary form or on computer disk or tape) relating to the creation, production or supply of any past, present or future product or service of the Company or any Group Company. 

 

	    	“Termination Date” means the date on which the Employment terminates. 

  

	2	Commencement of Employment 

  

	2.1	The commencement of the Employment is conditional upon satisfaction of the following conditions: 

  

	 	2.1.1	the Executive providing to the Company satisfactory references (if required); 

  

	 	2.1.2	where a work permit or other similar permission is required in order for the Executive to work legally in Ireland, such a work permit or other such permission being granted to the Company or the Executive (as
applicable) in respect of the Employment; and 

  
 2 

	2.2	Subject to clause 2.1 the Employment will start on [Date] or if later (provided that the Company has agreed to same), the date upon which the conditions set out in clause 2.1 are satisfied (the “Commencement
Date”) or such other date as mutually agreed. The Employment will continue until termination in accordance with the provisions of this agreement. 

  

	3	Appointment and Duties of the Executive 

  

	3.1	The Executive will serve as [Title] unless and until otherwise advised) or in any other executive capacity as the Company may reasonably decide. 

 

	3.2	The Executive will: 

  

	 	3.2.1	devote the whole of his/her working time, attention and skill to the Employment; 

  

	 	3.2.2	properly perform his/her duties and exercise his/her powers consistent with those duties; 

  

	 	3.2.3	accept any offices or directorships as reasonably required by the Chief Executive Officer or his designate; 

  

	 	3.2.4	comply with all reasonable rules and regulations issued by the Company; 

  

	 	3.2.5	obey all lawful and reasonable directions of the Chief Executive Officer or his/her designate; 

  

	 	3.2.6	use his/her best endeavours to promote the interests and reputation of every Group Company; and 

  

	 	3.2.7	comply with the reasonable requirements of any Company policy from time to time. 

  

	3.3	The Executive accepts that the Company may require him/her to perform additional or alternative duties for the Company or any other Group Company, whether for the whole or part of his/her working time without any
additional remuneration, holidays or leave. Such duties may include acting as an officer of any Group Company or hold any other appointment or office as nominee or representative of the Company or any Group Company. In performing those duties,
clause 3.2 will apply as if references to the Company are to the appropriate Group Company. The Company will remain responsible for the payments and benefits he/she is entitled to receive under this agreement. 

 

	3.4	The Executive will keep the Chief Executive Officer or his/her designate (and, where appropriate the Chief Executive Officer or his/her designate of any other Group Company) fully informed of his/her conduct of the
business, finances or affairs of the Company or any other Group Company in a prompt and timely manner. He/she will provide information to the Chief Executive Officer or his/her designate in writing if requested. 

  
 3 

	4	Hours 

  

	4.1	The Executive will comply with the Company’s normal hours of work and will also work any additional hours which may be reasonably necessary from time to time for the proper performance of his/her duties and to the
satisfaction of the Chief Executive Officer or his/her designate. He/she will not receive any further remuneration for any hours worked in addition to the normal working hours. The parties each agree that the nature of the Executive’s position
is such that his/her working time cannot be measured and, accordingly, that the Employment falls within the scope of section 3(2)(c) of the Organisation of Working Time Act 1997. 

 

	5	Interests of the Executive 

  

	5.1	During the Employment the Executive will not be directly or indirectly engaged or concerned in the conduct of any activity which is similar to or competes with any activity carried on by any Group Company (except as a
representative of the Company or with the consent of the Chief Executive Officer or his/her designate) or which impairs or might reasonably be thought by the Company to impair the Executive’s ability to act at all times in the best interests of
the Company. 

  

	5.2	The Executive confirms that he/she has disclosed fully to the Company all circumstances in respect of which there is, or there might be, a conflict of interest between the Company or any Group Company, and the Executive
or his Immediate Relatives, and he/she agrees to disclose fully to the Company any such circumstances which may arise during the Employment. 

  

	6	Location 

  

	6.1	The Executive’s normal place of work will be the Company’s offices in Dublin, Ireland or at such other locations as the Company may reasonably require for the proper performance of his/her duties. In
particular, the Executive may be required to work at any other location in Dublin, Ireland and it is a condition of his/her employment to comply with any such requirement. 

 

	6.2	The Executive may also be required to travel both within and outside Dublin, Ireland in order to fulfil his/her duties (although if he/she is required to work outside Dublin, Ireland for continuous periods of more than
one month he/she will be notified of any terms and conditions which apply). 

  

	7	Salary and Benefits 

  

	7.1	 The Company will pay the Executive a basic salary of €[—] gross per annum. Salary will
be normally paid monthly in arrears by bank credit transfer on the 16th day of each month. Whilst this clause 7.1 shall not impose any obligation on the Chief Executive 

  
 4 

	 	
Officer or his/her designate to increase the Executive’s salary, such salary will be reviewed, for an upward review only, by the Chief Executive Officer or his/her designate annually during
the course of the Employment and any change (which is at the discretion of the Company) will be notified to the Executive in writing. 

  

	7.2	Regarding any director’s fees from the Group Companies and any other companies in which the Executive is required to accept a directorship or perform duties under the terms of this Employment, 

 

	 	7.2.1	the Executive will repay any fees he/she receives to the Company; or 

  

	 	7.2.2	his/her salary will be reduced by the amount of those fees; or 

  

	 	7.2.3	a combination of the methods set out in clauses 7.2.1 and 7.2.2. In all cases herein in this clause 7.2 such methodology shall be mutually agreed between the Executive and the Company such that the Executive does not
suffer any additional losses (other than reimbursing the Company) such as income tax losses. 

  

	7.3	The Executive will be eligible for consideration for an annual discretionary bonus based upon evaluation of such factors as the Company, in its absolute discretion, believes is appropriate to take into account from time
to time. The Executive’s target bonus range will be [—]% of basic salary. Any bonus awarded by the Company implies no expectation nor creates any precedent for the awarding of any subsequent
bonus. Any bonus is entirely discretionary and not incorporated by reference into this Agreement. It is envisaged that the Executive will be advised of his/her bonus payment during the month of January and such bonus will be paid in the February
payroll. 

  

	7.4	No bonus payment will be made if on the relevant payment date(s) the Executive has given or has been given notice of termination of employment or is no longer employed by the Company. Bonus payment(s) (if any) are
non-pensionable and are subject to any statutory deductions required by law (if applicable). 

  

	7.5	The Company has arranged for the Executive to have access to a Personal Retirement Savings Account (“PRSA”) to which the Company will contribute an amount equal to
[—]% of the Executive’s basic monthly salary as set out in clause 7.1. The Company will also arrange to include the Executive in a Health Insurance Plan, details of which are available upon
request. 

  

	8	Holidays 

  

	8.1	The Executive is entitled to 30 days’ paid holiday each calendar year (in addition to all relevant public holidays) to be taken at times approved in advance by the Chief Executive Officer or his/her designate.

  

	8.2	The Executive may be required to retain a sufficient number of days from his/her Company holiday entitlement to cover the Company’s shutdown period or take payment in lieu thereof, which will be notified by the
Company either individually or by way of a general notice to staff. 

  
 5 

	8.3	Holiday entitlement will accrue from day to day. For part years worked, the Executive’s holiday entitlement for the year will be pro-rated to the length of his/her service in that year. The Executive will be paid
for any accrued holiday not taken at the Termination Date. The Company may require the Executive to take any accrued holiday during any notice period. If on the Termination Date the Executive has exceeded his/her accrued holiday entitlement, the
amount equal to the excess may be deducted from any sums due to him/her, to which the Executive hereby consents. 

  

	8.4	Holiday entitlements for one holiday year cannot be taken in subsequent holiday years. Failure to take holiday entitlement in the appropriate holiday year will lead to forfeiture of any accrued holiday not taken without
any right to payment in lieu thereof. 

  

	9	Notification of Illness 

  

	9.1	Salary payable and benefits provided to the Executive under this agreement will cease after the earlier of six consecutive months of absence or 125 working days of absence in any 12 month period from work due to illness
or injury. 

  

	9.2	The amount of any benefit which the Executive is entitled to claim during that period of absence under any social welfare sickness or other benefits and/or any scheme of which the Executive is a non-contributory member
by virtue of the Employment will be deducted from any salary paid to him/her. 

  

	9.3	If the Executive is absent from work due to sickness or injury which is caused by the actionable negligence of another person, and as a consequence recovers from that person or another person any sum representing
compensation for loss of salary under this agreement, the Executive agrees to refund to the Company any money paid to him/her as salary in respect of the same period of absence. 

 

	9.4	In the case of any absences from work due to illness or accident which continues for more than three days a medical certificate must be provided to the Company by the ninth day of the illness or accident. If the absence
continues medical certificates must be provided to the Company on a weekly basis. 

  

	9.5	In the event that the Executive is absent from his duties due to sickness or other incapacity for ten or more consecutive Business Days or as may be required by any of the Company’s benefit plans or providers the
Company reserves the right to request the Executive to undergo a medical examination by a practitioner nominated by the Company, the result of such examination to be disclosed directly by such practitioner to the Company. 

  
 6 

	10	Expenses 

  

	10.1	The Company will refund to the Executive all reasonable expenses properly incurred by him/her in performing his/her duties under this agreement, provided that these are incurred in accordance with Company policy from
time to time. The Company will require the Executive to produce receipts or other satisfactory vouching evidence as proof that he/she has incurred any expenses he/she claims within 30 days at the end of each month. Any claims made after this period
may not be refunded by the Company. 

  

	10.2	If the Executive is provided with a credit or charge card by the Company this must only be used for expenses which he/she incurs in performing the duties of the Employment. 

 

	11	Confidentiality 

  

	11.1	Without prejudice to the common law duties which he/she owes to the Company the Executive agrees that he/she will not, except in the proper performance of his/her duties, copy, use for his/her purpose or those of any
other person, company, business, entity or other organisation whatsoever or directly or indirectly disclose to any person any of the Company’s trade secrets or Confidential Business Information and any other information in whatever form
(written, oral, visual and electronic) concerning the confidential affairs of the Company. This restriction will continue to apply after the termination of the Employment without limit in time but will not apply to trade secrets or confidential
information which becomes public other than through a breach of this agreement. The Executive will use his/her best endeavours to prevent the unauthorised copying use or disclosure of such information. 

 

	11.2	In the course of the Employment the Executive is likely to obtain trade secrets and Confidential Business Information belonging or relating to other Group Companies. He/she will treat such information as if it falls
within the terms of clause 11.1 and clause 11.1 will apply with any necessary amendments to such information. If requested to do so by the Company the Executive will enter into an agreement with other Group Companies and any other persons in the
same terms as clause 11.1 with any amendments necessary to give effect to this provision. 

  

	11.3	The obligations contained in this clause shall not apply to any disclosures required by law, the Executive shall provide the Company with advance notice of such obligation in sufficient time so that the Company
may interpose any appropriate objections to the disclosure. 

  

	12	Copyright / Executive Inventions 

  

	12.1	The Executive shall promptly disclose to the Company all copyright works or designs originated, conceived, written or made by the Executive alone or with others during the period of his/her employment by the Company.

  

	12.2	The Executive hereby assigns to the Company by way of future assignment all copyrights, patents, design rights and other similar rights for the full terms thereof throughout the world arising in any works or
material originated, conceived, written or made by the Executive (except only those works or designs originated, conceived, written or made by the Executive wholly outside the Executive’s normal working hours which are wholly unconnected with
the Employment) during the period of the Employment by the Company insofar as the rights in such works and material do not automatically vest in the Company as result of the Employment. 

  
 7 

	12.3	The Executive shall, at the request and expense of the Company, do all things necessary or desirable to ensure that all rights, title and interest vest in the Company under clauses 12.1 and 12.2. 

 

	12.4	The Executive hereby waives all current or future moral or similar rights which he/she may assert arising from any of the works or materials referred to in clause 12.2 of this agreement insofar as the Executive may
lawfully do so in favour of the Company and for the avoidance of doubt this waiver shall extend to the licensees and successors in title to the copyright in such works or material. 

 

	12.5	If at any time during the Employment the Executive makes or discovers or participates in the discovery of any invention, secret process, operational procedure or any improvement upon or addition to any invention or any
secret process or contrivance or design or appliance or method of operation or other Intellectual Property which is applicable to or in any way affects the business for the time being carried on by the Company or the Group the same will be
immediately communicated by the Executive to the Company and will be the absolute property of the Company or the Group as the case may be. At the request and expense of the Company, the Executive will give and supply all such information, data and
drawings as may be needed to enable the Company or the Group as the case may be to exploit such invention, improvements or addition to the best advantages and agrees to execute all such documents and do all such things as may be necessary or
desirable for obtaining patent or similar protection for the same in such part or parts of the world, as may be, specified by the Company or the Group as the case may be and for vesting the same in the Company or the Group. 

 

	12.6	The Executive hereby irrevocably appoints the Company to be the Executive’s attorney in the Executive’s name and on the Executive’s behalf to execute documents, to use the Executive’s name and to do
all things which may be necessary or desirable for the Company to obtain for itself or its nominee the full benefits or the provisions of clause 12.5 and a certificate in writing signed by any Director or the Secretary of the Company that any
instrument or act fails within the authority hereby conferred shall be conclusive evidence that such is the case so far as any third party is concerned. 

  

	12.7	The Executive will do nothing (whether by commission or omission) during the Executive’s Employment or at any time after the Termination Date to affect or imperil the validity or any Intellectual Property Rights
obtained, applied for or to be applied for by the Company or its nominee. In particular, without limitation the Executive will not disclose the subject matter of any invention which may be patentable before the Company has had an opportunity to
apply for any patent or patents. 

  
 8 

	12.8	In this clause 12: 

  

	    	“Intellectual Property” means inventions, designs, ideas, concepts, innovations, algorithms, software and copyright works of all kinds; and 

 

	    	“Intellectual Property Rights” means copyrights, patents, utility models, trademarks, design rights (whether registered or unregistered) database rights, semiconductor topography rights, proprietary
information rights and all other similar proprietary rights and applications for such rights as may exist anywhere in the world. 

  

	13	Probation 

  

	    	The Executive will serve no probationary period. 

  

	14	Termination and Suspension1 

 

	14.1	The Employment will continue until terminated by either party giving written notice as set out in clause 14.2 or upon the Executive reaching his/her 60th birthday. 

 

	14.2	Either party may terminate the Employment by giving not less than three (3) months written notice to the other. 

  

	14.3	The Company may at its sole and absolute discretion pay salary alone (as referred to in clause 7.1, at the rate in force at the time such payment is made) in lieu of any unexpired period of notice (less any deductions
the Company is required by law to make). 

  

	14.4	The Company may terminate the Employment with immediate effect by giving written notice if the Executive: 

  

	 	14.4.1	has not performed his/her duties under this agreement to the standard reasonably required by the Chief Executive Officer or his/her designate; 

 

	 	14.4.2	engages in material malfeasance including fraud, theft, embezzlement or knowing misrepresentation of material financial and operating results of the Company or any Group Company or gross negligence in connection with
the performance of Executive’s duties hereunder; 

  

	 	14.4.3	commits any serious or persistent breach of his/her obligations under this agreement; 

  

	1 	The Chief Executive Officer’s service agreement provides that he is entitled to a termination payment if terminated other than for cause. References in this “form of” service agreement to Chief Executive
Officer are to the Company’s board of directors in the Chief Executive Officer’s service agreement. 

  
 9 

	 	14.4.4	does not comply with any lawful and reasonable order or direction given to him/her by the Chief Executive Officer or his/her designate; 

 

	 	14.4.5	is guilty of any gross misconduct or conducts himself/herself in a way which is harmful to any Group Company; 

  

	 	14.4.6	is convicted of an offence (other than a motoring offence which does not result in imprisonment) whether in connection with the Employment or not; 

 

	 	14.4.7	is bankrupted or has a receiving order made against him/her or makes any general composition with his/her creditors or takes advantage of any statute affording relief for insolvent debtors; 

 

	 	14.4.8	fails to maintain or becomes disqualified from maintaining registration with any regulatory body, membership of which is reasonably required by the Company for the Executive to carry out his/her duties; or

  

	 	14.4.9	is disqualified or prohibited by law from being a director or officer of the Company or is subject to a restriction order limiting the Executive’s activities. 

 

	14.5	The Executive will have no claim for damages or any other remedy against the Company if the Employment is terminated for any of the reasons set out in clause 14.4. 

 

	14.6	When the Employment terminates the Company may deduct from any money due to the Executive (including remuneration) any amount which he/she owes to any Group Company. 

 

	14.7	The Company may suspend the Executive from the Employment on full salary at any time, and for any justifiable reason for a reasonable period to investigate any serious matter in which the Executive is implicated or
involved (whether directly or indirectly) and to conduct any related disciplinary proceedings at which the Executive is present. 

  

	15	Garden Leave 

  

	15.1	At any time after notice to terminate the Employment is given by either party under clause 14 above, or if the Executive resigns, and without prejudice to clause 14.3, the Company may require the Executive to
comply with any or all of the provisions in clauses 15.2 and 15.3 for a period not exceeding the period of notice in clause 14.2 (the “Garden Leave Period”). 

 

	15.2	During any Garden Leave Period the Company shall be under no obligation to provide any work to or vest any powers in, the Executive, who shall have no right to perform any services for the Company (or any Group
Company). 

  

	15.3	 The Executive will not, without prior written consent of the Chief Executive Officer or his/her designate, be employed or otherwise engaged in the
conduct of any activity, 

  
 10 

	 	
whether or not of a business nature during the Garden Leave Period. Further, the Executive will not, unless requested by the Company: 

 

	 	15.3.1	enter or attend the premises of the Company or any other Group Company; or 

  

	 	15.3.2	contact or have any communication with any customer or client of the Company or any other Group Company and others in relation to the business of the Company or any other Group Company; or 

 

	 	15.3.3	contact or have any communication with any employee, officer, director, agent or consultant of the Company or any other Group Company in relation to the business of the Company or any other Group; or 

 

	 	15.3.4	remain or become involved in any aspect of the business of the Company or any other Group Company except as required by such companies. 

 

	15.4	The Company may require the Executive: 

  

	 	15.4.1	to comply with the provisions of clause 18; and 

  

	 	15.4.2	to immediately resign from any directorship which he/she holds in the Company, any other Group Company or any other company where such directorship is held as a consequence or requirement of the Employment, unless
he/she is required to perform duties to which any such directorship relates in which case he/she may retain such directorships while those duties are ongoing. The Executive hereby irrevocably appoints the Company to be his/her attorney to execute
any instrument and do anything in his/her name and on his/her behalf to effect his/her resignation if he/she fails to do so in accordance with this clause. 

  

	15.5	During the Garden Leave Period, the Executive will be entitled to receive his/her salary and all contractual benefits in accordance with the terms of this agreement. Any unused holiday accrued at the commencement of the
Garden Leave Period and any holiday accrued during any such Garden Leave Period will be deemed to be taken by the Executive during the Garden Leave Period. 

  

	15.6	At the end of the Garden Leave Period, the Company may, at its sole and absolute discretion, pay the Executive salary alone in lieu of the balance of any period of notice given by the Company or the Executive, (less any
deductions the Company is required by law to make). 

  

	15.7	All duties of the Employment (whether express or implied), including without limitation the Executive’s duties of fidelity, good faith and exclusive service, shall continue throughout the Garden Leave Period
save as expressly varied by this clause. 

  
 11 

	16	Restrictions after Termination of Employment 

  

	16.1	In this clause: 

  

	    	“Relevant Date” means the Termination Date or, if earlier, the date on which the Executive commences any Garden Leave Period; 

 

	    	“Restricted Period” means the period of three (3) months commencing on the Relevant Date; and 

  

	    	“Restricted Area” means the geographical area within which the Company carries on its Businesses to a material extent. 

  

	16.2	The Executive is likely to obtain trade secrets and Confidential Business Information and personal knowledge of and influence over clients and employees of the Group during the course of the Employment. To protect these
interests of the Company, the Executive agrees with the Company that he/she will be bound by the following covenants which he/she acknowledges are reasonable: 

  

	 	16.2.1	during the Restricted Period and within the Restricted Area he/she will not be employed in, or carry on for his/her own account or for any other person, whether directly or indirectly, (or be a director, officer,
consultant, partner or agent of any company engaged in) any business which is in competition with the Company being carried on at the Relevant Date; 

  

	 	16.2.2	during the Restricted Period he/she will not (either on his/her own behalf or for or with any other person), whether directly or indirectly, canvass or solicit in competition with the Company the custom of any person
who at any time during the 6 months prior to the Relevant Date was a customer or client of the Company; 

  

	 	16.2.3	during the Restricted Period he/she will not (either on his/her own behalf or for or with any other person, whether directly or indirectly) deal with or otherwise accept in competition with the Company the custom of any
person who was at any time during the 6 months prior to the Relevant Date a customer or client of the Company; and 

  

	 	16.2.4	during the Restricted Period he/she will not (either on his/her own behalf or for or with any other person, whether directly or indirectly) entice or try to entice away from the Company any person who was a senior
employee, director, officer, agent, or consultant to the Company at the Termination Date and who had been such a person at any time during the 6 months prior to the Relevant Date and with whom he/she had worked closely at any time during that
period. 

  

	16.3	 Each of the paragraphs contained in clause 16.2 constitutes an entirely separate and independent covenant. If any covenant is found to be invalid this
will not affect the validity or enforceability of any of the other covenants. In the event that any of the 

  
 12 

	 	
covenants in this agreement are held to be unreasonable by reason of the area, duration or type or scope of service or work or matter covered by the covenant then effect will be given to the
covenant in its reduced form as may be decided by any court of competent jurisdiction. 

  

	16.4	Following the Termination Date, the Executive will not represent himself/herself as being in any way connected with the businesses of the Company or of any other Group Company (except to the extent agreed between
the parties). 

  

	17	Offers on Liquidation 

  

	    	The Executive will have no claim against the Company if the Employment is terminated by reason of liquidation in order to reconstruct or amalgamate the Company or by reason of any reorganisation of the Company where the
Executive refuses an offer of employment with the company succeeding to the Company upon such liquidation or reorganisation and the new terms of employment offered to the Executive are no less favourable to him/her nor vary substantially from the
terms of this agreement. 

  

	18	Return of Company Property 

  

	18.1	At any time during the Employment (at the request of the Company) and in any event when the Employment terminates, the Executive will immediately return to the Company: 

 

	 	18.1.1	all documents and other materials (whether originals or copies) made or compiled by or delivered to the Executive during the Employment and concerning all the Group Companies. The Executive will not retain any copies of
any materials or other information; and 

  

	 	18.1.2	all other property belonging or relating to any of the Group Companies. 

  

	18.2	If the Executive commences Garden Leave in accordance with clause 14 he/she may be required to comply with the provisions of clause 18.1. 

 

	19	Directorships 

  

	19.1	The Executive’s office as a director of the Company or any other Group Company (if any) is subject to the Articles of Association of the relevant company (as amended from time to time). If the provisions of
this agreement conflict with the provisions of the Articles of Association, the Articles of Association will prevail. 

  

	19.2	The Executive must resign without any claim for compensation, from any office held in any Group Company if he/she is asked to do so by the Company whether upon termination of this agreement or otherwise.

  

	19.3	 If the Executive does not resign any office held in accordance with clause 19.2, the Company will be appointed as his/her attorney to effect
his/her resignation. By entering 

  
 13 

	 	
into this agreement, the Executive irrevocably appoints the Company as his/her attorney to act on his/her behalf to execute any document or do anything in his/her name necessary to effect his/her
resignation in accordance with clause 19.2. If there is any doubt as to whether such a document (or other thing) has been carried out within the authority conferred by this clause, a certificate in writing (signed by any director or the secretary of
the Company) will be sufficient to prove that the act or thing falls within that authority. 

  

	19.4	The termination of any directorship or other office held by the Executive will not terminate the Executive’s employment or amount to a breach of terms of this agreement by the Company. 

 

	19.5	During the Employment the Executive will not do anything which could cause him/her to be disqualified or restricted from continuing to act as a director of any Group Company. 

 

	19.6	The Executive must not resign his/her office as a director of any Group Company without the agreement of the Company, such consent not unreasonably withheld. 

 

	20	Notices 

  

	20.1	Any notices given under this agreement must be given by hand, by letter or by fax. Notice to the Company must be addressed to its Dublin office at the time the notice is given. Notice to the Executive must be given to
him/her personally to his/her address above (or other notified address in writing to the Company). 

  

	20.2	Except for notices given by hand, notices given by post will be deemed to have been given on the next working day after the day of posting and notices given by fax will be deemed to have been given in the ordinary
course of transmission. 

  

	21	Statutory Particulars 

  

	21.1	The written particulars of employment which the Executive is entitled to receive under the provisions of the Terms of Employment (Information) Acts, 1994 and 2001 are set out below, insofar as they are not set
out elsewhere in this agreement. 

  

	 	21.1.1	The Executive’s period of continuous employment began on the Commencement Date and does not include any previous employment with any other employer. 

 

	 	21.1.2	The Company’s disciplinary rules and disciplinary and grievance procedures from time to time are applicable to the Executive. The disciplinary rules are contractual. The disciplinary and grievance procedures are
non contractual. 

  

	 	21.1.3	The Company’s normal hours of work are 9 am to 5 pm Monday to Friday. 

  

	 	21.1.4	No collective agreement affects the provisions of this agreement. 

  
 14 

	 	21.1.5	The pay reference period for the purpose of the National Minimum Wage Act, 2000 is one month and the company will comply with its obligations under Section 23 of that Act if requested. 

 

	22	Data Protection Acts 1988 and 2003 

  

	22.1	For the purposes of the Data Protection Acts 1988 and 2003 (the “Acts”) the Executive gives his/her consent to the holding, processing and disclosure of personal data (including sensitive personal data within
the meaning of the Acts) provided by the Executive to the Company for all purposes relating to the performance of this agreement. The Executive acknowledges that during his/her Employment he/she may have access to and process, or authorise the
processing of, personal data and sensitive personal data relating to employees, customers and other individuals held and controlled by the Company. The Executive agrees to comply with the terms of the Acts in relation to such data and to abide by
the Company’s data protection policy issued from time to time. 

  

	23	Miscellaneous 

  

	23.1	This agreement may only be modified by the written agreement of the parties. 

  

	23.2	The Executive shall not be entitled to assign the benefit of this Agreement. 

  

	23.3	References in this agreement to rules, regulations, policies or other similar documents which supplement it, are referred to in it or describe any pensions or other benefits arrangement are references to the versions or
forms of the relevant documents as amended or updated from time to time. 

  

	23.4	This agreement supersedes any previous written or oral agreement between the parties in relation to the matters dealt with in it. The Executive acknowledges that he/she has not been induced to enter into this agreement
by any representation, warranty or undertaking not expressly incorporated into it. The Executive agrees and acknowledges that his/her only rights and remedies in relation to any representation, warranty or undertaking made or given in connection
with this agreement (unless such representation, warranty or undertaking was made fraudulently) will be for breach of the terms of this agreement, to the exclusion of all other rights and remedies (including those in tort or arising under statute).

  

	23.5	Neither party’s rights or powers under this agreement will be affected if: 

  

	 	23.5.1	one party delays in enforcing any provision of this agreement; or 

  

	 	23.5.2	one party grants time to the other party. 

  

	23.6	References to any statutory provisions include any modifications or re-enactments of those provisions. 

  

	23.7	Headings will be ignored in construing this agreement. 

  
 15 

	23.8	If either party agrees to waive his/her rights under a provision of this agreement, that waiver will only be effective if it is in writing and it is signed by him/her. A party’s agreement to waive any breach
of any term or condition of this agreement will not be regarded as a waiver of any subsequent breach of the same term or condition or a different term or condition. 

 

	23.9	This agreement is governed by and will be interpreted in accordance with the laws of Ireland. Each of the parties submits to the exclusive jurisdiction of the Irish Courts as regards any claim or matter arising under
this agreement. 

  
 16 

  
  

			
	SIGNED by	 	 

 on behalf of 
 Avolon Aerospace
Leasing 
 Limited in the presence of: 
  

 

			
	Witness’s signature	 	 

 Name 
 Address 

Occupation 
  

SIGNED by 
  

[Employee Name] 
 In the presence of: 

Witness’s signature 
 Name 

Address 
  

Occupation 

  
 17

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