Document:

Exhibit 10.65

 

RESTRICTED STOCK AGREEMENT

THIS RESTRICTED STOCK AGREEMENT (the "Restricted Stock Agreement") is made and entered into as of November 7, 2014 (the "Effective Date") by and between PhotoMedex, Inc., a Nevada corporation (the "Company"), having its executive offices at 100 Lakeside Drive, Suite 100, Horsham, PA 19044, and Dolev Rafaeli (the "Purchaser"), having his residence at 5 Lambs Lane, Cresskill, NJ 07626.

Capitalized Terms used but not otherwise defined herein shall have the meanings set forth in the PhotoMedex, Inc. 2005 Equity Compensation Plan (the "Plan"). The Purchaser agrees to be bound by the terms and conditions of the Plan, which are incorporated herein by reference and which control in case of any conflict with this Restricted Stock Agreement, except as otherwise specifically provided in the Plan.

SECTION I  ACQUISITION OF SHARES.

(a)            Issuance. On the terms and conditions set forth in this Restricted Stock Agreement, the Company agrees to issue Two Hundred Twenty-Five Thousand (225,000) shares to the Purchaser. Purchaser in consideration for the Purchaser's continued employment and future services to be performed for the Company. The issuance shall occur at the offices of the Company as of the Effective Date set forth above.

(b)            Consideration. The Purchaser agrees to pay to the Company the sum of $0.01 (the "Per Share Purchase Price") for each of such Shares, representing the par value thereof.  Payment shall be made on the issuance date by delivery to the Company of the Purchaser's check in the amount of the aggregate purchase price.

(c)            Defined Terms. Certain capitalized terms are defined in Sections 2 and 3 of this Restricted Stock Agreement.

SECTION 2  RIGHT OF REPURCHASE.

(a)            Scope of Repurchase Right. Until they vest in accordance with Section (b) below, the Purchased Shares shall be Restricted Shares and shall be subject to the Right of Repurchase. The Company may exercise its Right of Repurchase only during the Repurchase Period following the termination of the Purchaser's Service.

(b)            Lapse of Repurchase Right.

(i)        Except as otherwise provided in Section 2(b)(ii), the Right of Repurchase shall lapse with respect to 56,250 of the Restricted Shares on each anniversary of the grant of these Restricted Shares, so long as the Purchaser continues to be a Service Provider at all times from the Effective Date through each such anniversary.  

  (ii)         Notwithstanding Section 2(b)(i), all of the remaining Restricted Shares shall earlier vest, and the Right of Repurchase shall lapse, upon the first to occur of (i) the termination of the Purchaser's employment by the Company without Cause or as the result of the Company's non-renewal of the Purchaser's New Employment Agreement; (ii) the termination of the Purchaser's employment with the Company by him for Good Reason; or (iii) the termination of the Purchaser's employment with the Company as the result of his death or Disability, in each instance so long as the Purchaser continues to be employed by the Company at all times from the Effective Date through the date of the applicable vesting event.

 

(c)            Escrow. Upon issuance, the certificate(s) for Purchased Shares shall be deposited in escrow with the Company to be held in accordance with the provisions of this Restricted Stock Agreement. Any additional or exchanged securities or other property described in Section 2(1) below shall be delivered to the Company to be held in escrow. All ordinary cash dividends on Purchased Shares (or on other securities held in escrow) shall be paid directly to the Purchaser and shall not be held in escrow. Purchased Shares, together with any other assets held in escrow under this Restricted Stock Agreement, shall be (i) surrendered to the Company for repurchase upon exercise of the Right of Repurchase or (ii) released to the Purchaser upon his or her request to the extent that the Purchased Shares have ceased to be Restricted Shares (but not more frequently than once every six months). In any event, all Purchased Shares that have ceased to be Restricted Shares, together with any other vested assets held in escrow under this Restricted Stock Agreement, shall be released within 90 days after the termination of the Purchaser's Service.

 

(d)            Exercise of Repurchase Right. The Company shall be deemed to have exercised its Right of Repurchase automatically for all Restricted Shares as of the commencement of the Repurchase Period, unless the Company during the Repurchase Period notifies the holder of the Restricted Shares pursuant to Section 9 that it will not exercise its Right of Repurchase for some or all of the Restricted Shares. During the Repurchase Period, the Company shall pay to the holder of the Restricted Shares the purchase price determined under Sections 1(b) and 2(a) above for the Restricted Shares being repurchased ($.01 per Share, as adjusted for stock splits, stock dividends and similar corporate transactions). Payment shall be made in cash or cash equivalents and/or by canceling indebtedness to the Company, incurred by the Purchaser. The certificate(s) representing the Restricted Shares being repurchased shall be delivered to the Company (if not already held by the Company).

(e)            Termination of Rights as Stockholder. If the Right of Repurchase is exercised in accordance with this Section 2 and the Company makes available the consideration for the Restricted Shares being repurchased, then the person from whom the Restricted Shares are repurchased shall no longer have any rights as a holder of these Restricted Shares (other than the right to receive payment of such consideration). Such Restricted Shares shall be deemed to have been repurchased pursuant to this Section 2 whether or not the certificate(s) for such Restricted Shares have been delivered to the Company or the consideration for such Restricted Shares has been accepted.

(f)            Additional or Exchanged Securities and Property. In the event of a merger or consolidation of the Company with or into another entity (other than a Change in Control Event), any other corporate reorganization (other than a Change in Control Event), a stock split, the declaration of a stock dividend, the declaration of an extraordinary dividend payable in a form other than stock, a spin-off, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company's outstanding securities, any securities or other property (including cash or cash equivalents) that are by reason of such transaction exchanged for, or distributed with respect to, any Restricted Shares shall continue to be subject to the Right of Repurchase. Appropriate adjustments to reflect the exchange or distribution of such securities or property shall be made to the number and/or class of the Restricted Shares and to all of the provisions of this Section 2, including the price per share to be paid upon the exercise of the Right of Repurchase, provided that the aggregate purchase price payable for the Restricted Shares shall remain the same. In the event of a merger or consolidation of the Company with or into another entity or any other corporate reorganization that does not constitute a Change in Control Event, the Right of Repurchase may be exercised by the Company's successor.

(g)            Transfer of Restricted Shares. The Purchaser shall not transfer, assign, encumber or otherwise dispose of any Restricted Shares without the Company's written consent (which consent may be withheld with or without any reason therefor), except as provided in the following sentence. The Purchaser may transfer Restricted Shares to one or more members of the Purchaser's Immediate Family or to a trust or partnership established by the Purchaser for the benefit of the Purchaser and/or one or more members of the Purchaser's Immediate Family, provided in either case that the transferee agrees in writing on a form prescribed by the Company to be bound by all provisions of this Restricted Stock Agreement. If the Purchaser transfers any Restricted Shares, then this Restricted Stock Agreement shall apply to the Transferee to the same extent as to the Purchaser.

(h)            Assignment of Repurchase Right. The Board of Directors may freely assign the Company's Right of Repurchase, in whole or in part. Any person who accepts an assignment of the Right of Repurchase from the Company shall assume all of the Company's rights and obligations under this Section 2.

(i)            Part-Time Employment and Leaves of Absence. If the Purchaser commences working on a part-time basis, then the Company may adjust the vesting schedule set forth in Section 2(b) above in accordance with the Company's part-time work policy or the terms of an agreement between the Purchaser and the Company pertaining to his or her part-time schedule. If the Purchaser goes on a leave of absence, then the Company may adjust the vesting schedule set forth in Section 2(b) above in accordance with the Company's leave of absence policy or the terms of such leave. Except as provided in the preceding sentence, Service shall be deemed to continue while the Purchaser is on a bona fide leave of absence, if (i) such leave was approved by the Company in writing and (ii) continued crediting of Service is expressly required by the terms of such leave or by applicable law (as determined by the Company). Service shall be deemed to terminate when such leave ends, unless the Purchaser immediately returns to active work.

SECTION 3  OTHER DEFINITIONS.

"Immediate Family" shall mean any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law and shall include adoptive relationships.

"Purchased Shares" shall mean the shares purchased by the Purchaser pursuant to this Restricted Stock Agreement.

"Repurchase Period" shall mean a period of 180 consecutive days commencing on the earlier to occur of: (i) the date when the Purchaser's Service terminates for any reason, including (without limitation) death or disability; or (ii) the last date when the Restricted Shares might vest, but in fact do not vest at that time.

"Restricted Share" shall mean a Purchased Share that is subject to the Right of Repurchase.

"Right of Repurchase" shall mean the Company's right of repurchase described in Section 2.

"Securities Act" shall mean the Securities Act of 1933, as amended.

"Securities Exchange Act" shall mean the Securities Exchange Act of 1934, as amended.

"Service" shall mean service to the Company or its subsidiaries as an Employee or, following a Change in Control Event, service to the New Employer (as defined in Section 2(b)) or its subsidiaries as an employee.

"Share" shall mean one share of Stock

"Stock" shall mean the Common Stock of the Company, par value $0.01 per Share.

"Transferee" shall mean any person to whom the Purchaser directly or indirectly transfers any Purchased Shares.

SECTION 4  OTHER RESTRICTIONS ON TRANSFER

(a)            Purchaser Representations. In connection with the issuance and acquisition of Shares under this Restricted Stock Agreement, the Purchaser hereby represents and warrants to the Company as follows:

   (i)         The Purchaser has received a copy of an offering memorandum relating to the sale of the Purchased Shares to the Purchaser hereunder.

  (ii)         The Purchaser acknowledges his or her understanding that if he or she is an "affiliate" of the Company, the Purchaser's right to resell the Purchased Shares after the Company's Right of Repurch ase lapses is restricted under the Securities Act.

 (iii)         The Purchaser will not sell, transfer or otherwise dispose of the Purchased Shares in violation of the Securities Act or the rules promulgated thereunder, including Rule 144 under the Securities Act. The Purchaser agrees that he or she will not dispose of the Purchased Shares unless and until he or she has complied with all requirements of this Restricted Stock Agreement applicable to the disposition of Purchased Shares and he or she has provided the Company with written assurances, in substance and form reasonably satisfactory to the Company, that (A) the proposed disposition does not require registration of the Purchased Shares under the Securities Act or all appropriate action necessary for compliance with the registration requirements of the Securities Act or with any exemption from registration available under the Securities Act (including Rule 144) has been taken and (B) the proposed disposition will not result in the contravention of any transfer restrictions applicable to the Purchased Shares under state securities laws.

(b)            Securities Law Restrictions.

    (i)         Regardless of whether the offering and sale of Shares under this Restricted Stock Agreement have been registered under the Securities Act or have been registered or qualified under the securities laws of any state, the Company in its discretion may impose restrictions upon the sale, pledge or other transfer of the Purchased Shares (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Securities Act, the securities laws of any state or any other law.

    (ii)         Inasmuch as the Purchaser is an affiliate of the Company by virtue of the fact that he is Chief Financial Officer of the Company, the Purchaser is subject to Section 16 of the Securities Exchange Act, and is thereby obliged to make reports to the Securities and Exchange Commission under the Forms 3, 4 and 5 and is subject to the "short swing profit" rules.

  (iii)         The Purchaser is also obliged to comply with the Company's Securities Trading Policy which provides for, among other things, certain black-out or no-trading periods and, consistent with the Securities Act, not to trade Shares based on material non-public information about the Company that comes into the Purchaser's possession.

(c)            Rights of the Company. The Company shall not be required to (i) transfer on its books any Purchased Shares that have been sold or transferred in contravention of this Restricted Stock Agreement or (ii) treat as the owner of Purchased Shares, or otherwise to accord voting, dividend or liquidation rights to, any transferee to whom Purchased Shares have been transferred in contravention of this Restricted Stock Agreement.

SECTION 5  SUCCESSORS AND ASSIGNS.

Except as otherwise expressly provided to the contrary, the provisions of this Restricted Stock Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and shall be binding upon the Purchaser and the Purchaser's legal representatives, heirs, legatees, distributees, assigns and transferees by operation of law, whether or not any such person has become a party to this Restricted Stock Agreement or has agreed in writing to join herein and to be bound by the terms, conditions and restrictions hereof.

SECTION 6  NO RETENTION RIGHTS.

Nothing in this Restricted Stock Agreement shall confer upon the Purchaser any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining the Purchaser) or of the Purchaser, including without limitation such rights as the Purchaser has under his Employment Agreement dated August 5, 2014.

SECTION 7  TAX ELECTION & SHARE WITHHOLDING.

(a)            Tax Election. The acquisition of the Purchased Shares may result in adverse tax consequences that may be avoided or mitigated by filing an election under Code Section 83(b).  The Purchaser should consult with his or her tax advisor to determine the tax consequences of acquiring the Purchased Shares and the advantages and disadvantages of filing the Code Section 83(b) election.  The Purchaser acknowledges that it is his or her sole responsibility, and not the Company's responsibility, to file a timely election under Code Section 83(b), even if the Purchaser requests the Company or its representatives to make this filing on his or her behalf.  CIRCULAR 230 DISCLAIMER:  Nothing contained herein concerning certain federal income tax considerations is intended or written to be used, and cannot be used for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transactions or tax-related matters addressed herein.

(b)            Share Withholding. The Company shall have the power and right to deduct or withhold, or require the Purchaser to remit to the Company, an amount sufficient to satisfy the minimum federal, state, and local taxes required by law to be withheld with respect to any grant, sale, exercise, or payment made under or as a result of this Restricted Stock Agreement.  The foregoing notwithstanding, the Purchaser may elect to satisfy the withholding requirement, if any, in whole or in part, by having the Company withhold Shares from the Shares that would otherwise be transferred to the Purchaser having a Fair Market Value, on the date the tax is to be determined, equal to the minimum amount of any required withholding taxes as the result of the vesting of the Shares, and the Company shall remit the amount of any such withholding to the proper tax authorities.  All elections shall be made in writing and signed by the Purchaser.

SECTION 8  LEGENDS.

All certificates evidencing Purchased Shares shall bear the following legend:

"THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE ISSUER OF SUCH SHARES AND THE REGISTERED HOLDER OF SUCH SHARES (OR THE PREDECESSOR IN INTEREST TO SUCH HOLDER OF SHARES). SUCH AGREEMENT GRANTS TO SUCH ISSUER CERTAIN REPURCHASE RIGHTS UPON TERMINATION OF SERVICE WITH THE COMPANY. THE SECRETARY OF SUCH ISSUER WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE."

If required by the authorities of any state in connection with the issuance of the Purchased Shares, the legend or legends required by such slate authorities shall also be endorsed on all such certificates.

SECTION 9  NOTICE.

Any notice required by the terms of this Restricted Stock Agreement shall be given in writing and shall be deemed effective upon (i) personal delivery, (ii) deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid, or (iii) deposit with a recognized overnight courier service, with shipping charges prepaid. Notice shall be addressed to the Company at its principal executive office and to the Purchaser at the address that he or she most recently provided to the Company in accordance with this Section 9.

SECTION 10  ENTIRE AGREEMENT.

This Restricted Stock Agreement (together with the Plan and the Purchaser's Employment Agreement with the Company), constitutes the entire contract between the parties hereto with regard to the subject matter hereof and supersedes any other agreements, representations or understandings (whether oral, written and whether express or implied) which relate to the subject matter hereof.

SECTION 11  CONFLICTS OF LAW.

This Restricted Stock Agreement shall be governed by, and construed in accordance with, the laws of the State of Nevada, without regard to conflict of laws principles.

IN WITNESS WHEREOF, each of the parties has executed this Restricted Stock Agreement, in the case of the Company by its duly authorized officer, as of the date first above written.

PHOTOMEDEX, INC.                                                                                                                PURCHASER

		By: /s/ Lewis C. Pell	/s/ Dolev Rafeli

		Name: Lewis C. Pell	Name: Dolev Rafaeli

		Title: Chairman of the Board of Directors	Title: Chief Executive OfficerExhibit 10.1 Filed November 10, 2014 C. Maness Separation

Exhibit 10.1

SEPARATION AND GENERAL RELEASE AGREEMENT

THIS SEPARATION AND GENERAL RELEASE AGREEMENT (“Agreement”) is made and entered into by and between LMI Aerospace, Inc. (“LMI” or “Company”) and Ms. Cynthia Maness (“Ms. Maness”), collectively the “Parties,” as of the date set forth on the signature page (the “Date of this Agreement”).
WHEREAS, Ms. Maness has been employed with LMI as its Vice President of Human Resources and Organizational Development; and

WHEREAS, Ms. Maness’ employment had been governed by the terms of an Employment Agreement effective January 1, 2014 (the “Employment Agreement”), which was terminated by the Company on October 27, 2014, (the “Termination Date”); and 

WHEREAS, pursuant to the terms of the Employment Agreement, Ms. Maness is entitled to certain compensation and benefits contingent upon her execution of this Agreement. 

NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

		
	1.
	Separation from and Termination of Employment.

a.Termination of Employment.  Ms. Maness confirms that her employment with LMI has ended, including all positions Ms. Maness holds or has held with the Company, effective as of the Termination Date.  Except for the payments described in this Agreement, Ms. Maness acknowledges that she has received all compensation and employee benefits to which she is otherwise entitled.

b.Salary Compensation through the Termination Date.  Regardless of whether Ms. Maness executes this Agreement and to the extent that Ms. Maness has not already received payment, LMI shall pay Ms. Maness all unpaid base compensation to which she is entitled at her current rate and status (“Current Base Salary”), for all time worked through the Termination Date, in accordance with LMI’s generally applicable policies and procedures.

2.Severance Benefits.  In exchange for execution of this Agreement, LMI shall provide to Ms. Maness the following Severance Benefits:

a.Severance Pay. Pursuant to the terms of the Employment Agreement, the Company shall provide Ms. Maness severance pay equal to Two Hundred Forty Seven Thousand Four Hundred Fifty Nine Dollars and Thirty Four Cents ($247,459.34) less applicable withholdings (“Severance Pay”), which is the equivalent of twelve (12) months base salary for the same period. The Severance Pay shall be payable in a lump sum on the first practical pay period date upon the occurrence of all of the following:  (1) Ms. Maness’ termination of employment; (2) Ms. Maness’ execution of this Agreement; and (3) expiration of the revocation period described in Section 4.f. without Ms. Maness having revoked this Agreement. 

    

b.    Bonus.    
		
	i.
	Ms. Maness shall also be entitled to receive a bonus payment in the amount of One Hundred Ninety Seven Thousand Five Hundred Seventy One Dollars and Forty Nine Cents $197,571.49 (“Severance Bonus”).  The Severance Bonus shall be payable in a lump sum on the first practical pay period date upon the occurrence of all of the following:  (1) Ms. Maness’ termination of employment; (2) Ms. Maness’ execution of this Agreement; and (3) expiration of the revocation period described in Section 4.f. without Ms. Maness having revoked this Agreement.

		
	ii.
	Provided the Company meets its financial targets, Ms. Maness shall also be entitled to receive a prorated 2014 bonus payment, equal to five sixth (5/6) of the amount she would have received pursuant to section 5(B) of the Employment Agreement, but for her termination (“Performance Bonus”).  Such Performance Bonus shall be paid in accordance with the terms set forth in the Employment Agreement.

c.    Stock. The Seven Thousand Nine Hundred Fifty One (7951) shares of Company stock that have been awarded to Ms. Maness, but remain unvested, will vest as of the Effective Date of this Agreement.  Any taxes due as a result of the vesting shall be satisfied by a sale of shares and Ms. Maness shall only receive the net amount of shares following the sale. 

d.    Health Plan Continuation Coverage.  Ms. Maness’ coverage under the Company’s Health Plans shall end on the last day of the month of her termination.  Ms. Maness may elect to continue to participate in the Health Plans but only to the extent permitted under continuation coverage terms of that Plan and as required by the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”).  Such coverage shall be provided in accordance with terms of the Plans as they may exist or may be amended from time to time.  If Ms. Maness elects COBRA continuation coverage, then for a period equal to the number of months of Severance Pay, and including the remaining two months of 2014 for a total of fourteen (14) months, the Company will pay Ms. Maness’ COBRA premium for continuation coverage of the health plan in which Ms. Maness is enrolled as of the Termination Date, as may be amended, or if such plan ceases to remain available, for the most equivalent plan available.  Thereafter, if Ms. Maness elects to continue COBRA coverage, she will be responsible for payment of the normal, full COBRA premium for the remainder of any coverage continuation thereafter. 

e.    Automobile.  The Company will purchase for Ms. Maness the Toyota Camry that she has been using during her employment and will effect transfer of the title to the vehicle to Ms. Maness as soon as practical date upon the occurrence of all of the following:  (1) Ms. Maness’ termination of employment; (2) Ms. Maness’ execution of this Agreement; and (3) expiration of the revocation period described in Section 4.f. without Ms. Maness having revoked this Agreement.  Ms. Maness understands and agrees that she shall be responsible for any taxes which may be due and owing as a result of the transfer of the automobile from the Company to Ms. Maness.  Ms. Maness further understands that the automobile is transferred in “as is” condition and upon transfer of title, the Company assumes no responsibility or obligation regarding the automobile. Ms. Maness shall retain full use of the automobile for the period of time she awaits title transfer.

f.    All payments specified above shall be subject to such withholdings for taxes, including income and employment taxes that LMI determines should be deducted or withheld under applicable law.

g.    Attorney’s Fees.  The Company will pay Ms. Maness’ attorney’s fees of One Hundred Thousand Dollars and No Cents ($100,000.00) directly to her counsel, Sher Corwin Winters LLC, no later than thirty (30) days after the occurrence of all of the following:  (1) Ms. Maness’ termination of employment; (2) Ms. Maness’ execution of this Agreement; and (3) expiration of the revocation period described in Section 4.f. without Ms. Maness having revoked this Agreement.

h.    The compensation and benefits described in this Agreement are in full accord and satisfaction and inclusive of, any bonus, commission, or other incentive pay due to Ms. Maness. Except as explicitly provided for in this Agreement, Ms. Maness shall have no right to any further payments by LMI, including payment of bonuses, commissions, deferred compensation, or any other incentive payments including any Performance Bonus.

i.    LMI’s Retirement Plan(s).  Ms. Maness may have vested interests in an LMI-sponsored 401(k) plan or other retirement or deferred compensation plan(s).  Ms. Maness’ interests in said plans shall be paid pursuant to the terms of those plans, and nothing in this Agreement shall modify or override those terms.  Ms. Maness’ right to participate in those plans shall terminate on the Termination Date.  The amounts paid pursuant to Section 2.b. or c. shall not constitute wages for purposes of the plans.

j.    Section 409 (A).  This Agreement shall at all times be administered and the provisions of this Agreement shall be interpreted consistent with the requirements of Section 409A.  In the event that any provision of this Agreement does not comply with the requirements of Section 409A, LMI, in exercise of its sole discretion and without consent of Ms. Maness, may amend or modify this Agreement in any manner to the extent necessary to meet the requirements of Section 409A.

		
	3.
	Release by Ms. Maness.  

a.Ms. Maness, on her behalf and of her heirs, successors, assigns and agents hereby fully releases, discharges and agrees to hold harmless LMI, including all of its subsidiary, affiliated and related organizations and entities, as well as all of their officers, directors, shareholders, owners, members, attorneys, agents, employees, servants, insurers, benefit plans, plan administrators and their fiduciaries, (the “Released Parties”), of,  from and against all debts, sums of money, fees, claims, charges, demands, actions, causes of action, notes, liabilities and obligations, of whatever nature, whether known or unknown, liquidated, unliquidated, contingent or otherwise, and whether in contract (express or implied), in tort, by statute or otherwise, which Ms. Maness ever had or now has (or hereafter may have) with respect to anything done or omitted to be done up to the Date of this Agreement and which are or may be based upon any fact, condition, or incident occurring prior to the Date of this Agreement, as well as claims which may arise after the Date of this Agreement that are based or rely upon facts, conditions or incidents occurring before the date of this Agreement including any fact or circumstance related to Ms. Maness’s employment or separation of employment from LMI (collectively the “Released Claims”).  

The Released Claims include but are not limited to all: (i) all claims arising out of or related to Ms. Maness’ employment with any Released Party, and termination of that employment, (ii) claims for compensation or benefits of any kind or amount other than the compensation and benefits set forth in this Agreement, (iii) claims relating to LMI employment practices or policies; (iv) all claims in tort or in contract arising out of any transaction or interaction between Ms. Maness and any Released Party; (v) claims under any express or implied contract; (vi) all claims arising under all provisions of Missouri law and statutes and (vii) all other claims arising under any other local, state or federal statutes, regulations or common law including wrongful and/or retaliatory termination and/or 

discharge of employment claims; contract or promissory estoppel claims; intentional infliction of emotional distress claims; assault and battery claims; negligence claims; tort claims including negligence claims; personal injury claims; third-party claims; slander, libel and/or defamation claims; and/or qui tam claims law and any claims for damages or equitable relief including, but not limited to, lost wages, physical injuries, mental anguish, loss of consortium, unpaid compensation, loss of earning capacity, and medical expenses.

b.    Ms. Maness represents that no Released Claims are pending in any court, administrative agency, commission or other forum relating directly or indirectly to her employment by LMI. 

c.     Ms. Maness understands that she is releasing claims that she may not know about at this time, and that is her intent.

d.    Notwithstanding the foregoing, nothing in this Agreement shall:

		
	1.
	Interfere with Ms. Maness’ right to file a charge with the Equal Employment Opportunity Commission (“EEOC”), or participate in an EEOC proceeding or to engage in any activity or make any filing or claim that may be made or permitted under federal or state law and that cannot be waived by this Agreement. However, Ms. Maness agrees to waive any right to recover or accept any money damages or personal relief upon the filing of any such administrative or judicial charges or complaints by Ms. Maness or by anyone else on her behalf;

		
	2.
	Interfere with Ms. Maness’ right to challenge the validity, enforceability, or knowing and voluntary nature, of this release under the Age Discrimination in Employment Act of 1967 (“ADEA”). 

e.    If any person brings any claim contrary to the above releases and waivers of claims provided in Sections 3.a. and c. (except for any action brought pursuant to Section 3(d)(ii) to challenge the validity, enforceability, or knowing and voluntary nature of the general release provided in Section 3.a. and c.  pursuant to the ADEA or any charge of discrimination filed with the EEOC), then any party, including any Released Party(ies), who are defendant to that action shall be entitled to reimbursement from the party(ies) who brought such claim or action for costs and attorneys’ fees incurred in defense of that claim.

f.    This Release does not discharge the Parties from obligations they have under this Agreement.  Ms. Maness also waives any rights to, or to be considered for, future employment with the Company.  

4.    Provisions Relating to ADEA Release.  Ms. Maness understands that the foregoing general release of claims also releases any claims that Ms. Maness may have against any Released Party under the Age Discrimination in Employment Act of 1967.  Ms. Maness represents that she is aware, understands and agree that:
a.    The claims released in Sections 3.a. and c. above includes all claims she has or may have arising out of or related to the ADEA.

b.Those claims waived, released and discharged in Sections 3.a. and c. above do not include any claims that may arise after the Date of this Agreement;

c.The Severance Benefits provided pursuant to Sections 2.a through e. provide consideration that Ms. Maness was not entitled to receive before signing this Agreement;

d.She has twenty-one (21) days from the Termination Date, the date on which this Agreement was provided to her for consideration, within which to consider this Agreement; 

e.She is advised to consult with an attorney regarding, and before signing, this Agreement;

f.She may revoke this Agreement at any time within seven (7) days after the day she signs it, and this document will not become effective or enforceable and no payments or benefits under this Agreement will be payable until the eighth day after the Date of this Agreement, on which day (the “Effective Date”), this Agreement will automatically become effective and enforceable unless revoked within that seven-day period; and

g.This Agreement is not being provided in connection with a uniform or standard group employment termination or exit incentive program.

5.  Return of LMI Property.  Ms. Maness hereby warrants that she has returned to LMI all LMI property and documents in her possession and control including, but not limited to, LMI files and, notes, records, computer recorded information, tangible property, credit cards, gasoline cards, entry cards, computer equipment, cell phone, identification badges, and keys, and all other equipment and property issued by LMI to Ms. Maness, including, but not limited to, any materials of any kind which contain or embody any proprietary or confidential Information.  Such return of LMI property is a condition precedent to Ms. Maness’ receipt of the Severance Benefits.

6.  Non Disparagement.  The Parties shall refrain from making any derogatory, disparaging or negative comments, written or oral and whether true or untrue, about each other, or any of the Released Parties, to the press, to present or former employees, customers, or suppliers of LMI, to members of the general public, to any individual or entity with whom or which LMI has a current or prospective business relationship, or to anyone else which could adversely affect the conduct of LMI’s business or reputation.  Nothing in this paragraph prohibits Ms. Maness from complying with a court order or lawful subpoena that Ms. Maness has not caused to be issued.

7.  Reference Requests.  LMI agrees that in response to any request for references for Ms. Maness made by any potential future employer, it will, upon request, confirm date of hire, date of termination and salary history only.

8.  No Admission of Liability or Wrongdoing.  Both Parties to this Agreement agree that its existence and payments are not an admission of any wrongdoing, unlawful conduct or liability by either Party and both Parties agree not to assert that this Agreement is an admission of wrongdoing or liability.  The Parties agree that this Agreement is a compromise and settlement of claims.

9.  Cooperation.  If requested by LMI, Ms. Maness agrees to provide LMI with her full cooperation and assistance (including without limitation, and by way of example only, making herself reasonably available for interviews, depositions, reviewing and signing declarations, and trial testimony) in any future litigation, administrative proceeding, claim, or investigation (internal or external), which arises out of, or relates to, LMI, its products and services, and/or any information Ms. Maness created, developed or acquired by and through her employment with LMI.  LMI will reimburse Ms. Maness’s reasonable costs and expenses incurred in providing such assistance, if any.    
 
10.  Continuation and Effect of Prior Agreements.  

a.    As a party to the Employment Agreement (Exhibit A), Ms. Maness acknowledges that she has certain continuing obligations to LMI including specific obligations relating to non-disclosure, confidentiality, non-competition, and non-solicitation as specified in the Employment Agreement. 

b.    The Parties agree that nothing in this Agreement alters the obligations of Ms. Maness under Sections 8 and 9 of the Employment Agreement.  Accordingly, those provisions of the Employment Agreement will continue in full force and effect as specified therein regardless of any provision of this Agreement and regardless of whether Ms. Maness executes this Agreement or not.  Additionally, compliance with those provisions of the Employment Agreement is a condition of receipt of the Severance Benefits, and any breach by Ms. Maness of those provisions will also constitute a material breach of this Agreement.

c.    The obligations specified in (a) and (b) above each will be enforced pursuant to the terms of the Employment Agreement. 

11.  Miscellaneous.  

a.Entire Agreement.  This Agreement is the entire agreement between the Parties regarding its subject matter and supersedes and cancels all prior or contemporaneous oral or written agreements and understandings between them regarding the subject matter hereof except as specified in Section 10.

b.Binding Nature.  This Agreement shall be binding upon and inure to the benefit of LMI, its successors and assigns.  This Agreement shall be binding upon and inure to the benefit of Ms. Maness, and her heirs, executors and administrators.

c.Severability.  If any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability will not affect any other provision of this Agreement and this Agreement will be construed as if such invalid, illegal or unenforceable provision had never been included.

d.No Waiver.  No waiver by any party of any breach by any other party of any provision shall be deemed to be a waiver of any other breach or of any other provision of this Agreement.

e.    Breach Remedy.   If Ms. Maness breaches or threatens to breach any obligations under this Agreement, LMI and Released Parties may experience irreparable harm for which money damages will not provide an adequate remedy.  LMI or any Released Party may seek appropriate equitable relief in addition to legal relief.   Furthermore, in the event of a breach by Ms. Maness, the Parties expressly agree that LMI shall be relieved of any further obligation to make any payments or provide any benefits required under this Agreement and the Severance Pay paid under Section 2 hereof shall, upon demand by LMI, be repaid by Ms. Maness within ten (10) days of such demand.      

In the event of a breach by either Party or any action by either Party to enforce the terms of this Agreement, except as provided in Section 3.d(ii) above for any action brought to challenge the validity, enforceability, or knowing and voluntary nature, of this release under the Age Discrimination in Employment Act, if LMI at all prevails in any action to enforce the Agreement or remedy the breach, it shall be entitled to recover from the other party its costs, including attorneys' fees, incurred to enforce this Agreement or to defend such action.   

This remedy is in addition to, and shall not supersede or replace, the fee recovery provisions of Section 3.e. by which the Released Parties shall recover attorneys’ fees and costs for the defense of any action or 

claims brought in violation of the terms of Paragraph 3.

f.    Choice of Law and Venue.  This Agreement is a Missouri contract to be construed under and governed by the laws of the State of Missouri without giving effect to any choice or conflict of law principles of any jurisdiction.  The Parties agree that any dispute related to this Agreement or its application, interpretation or enforcement shall be resolved only in the United States District Court for the Eastern District of Missouri, if that court possesses jurisdiction, or otherwise in the Circuit Court for the County of St. Charles, Missouri, Eleventh Judicial Circuit, and shall be resolved by trial before a judge without benefit of a jury.  All Parties hereto specifically waive any entitlement that they may have to trial by jury.  The Parties hereto agree that any service of process may be made by mail to the principal place of business or residence of each party and this constitutes proper service of process under applicable law in any action or proceeding under or in respect of this Agreement. 

g.    Section Headings.  The section and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

h.    Amendment.  This Agreement shall not be modified or amended except by a writing executed by the Parties hereto, duly authorized as applicable.

i.    Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original, all of which together shall constitute one and the same instrument.  Transmission of images of signed signature pages by facsimile, e-mail or other electronic means shall have the same effect as the delivery of manually signed documents in person.

SIGNATURE PAGE FOLLOWS

MS. MANESS HAS READ THIS DOCUMENT, FULLY UNDERSTANDS EVERY TERM AND VOLUNTARILY AND KNOWINGLY ENTERS INTO THIS AGREEMENT.

IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below.

	
			
	Dated: November 4, 2014
	 
	/s/ Cynthia Maness

	 
	 
	Cynthia Maness

	 
	 
	 

	 
	 
	 

	Dated: November 4, 2014
	 
	/s/ Daniel G. Korte

	 
	 
	LMI Aerospace, Inc.

	 
	 
	Printed Name:  Daniel G. Korte

	 
	 
	Title:  Chief Executive Officer

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