Document:

Exhibit 10.2

 

CHANGE IN CONTROL AGREEMENT

by and between 

SALISBURY BANK AND TRUST COMPANY

and 

STEVEN M. ESSEX

This Change
in Control Agreement (this “Agreement”) is made and entered into effective as of February 22, 2019 (the “Effective
Date”), by and between Salisbury Bank and Trust Company, a Connecticut-chartered commercial bank with its principal administrative
office at 5 Bissell Street, P.O. Box 1868, Lakeville, CT 06039-1868 (together with its successors and assigns, the “Bank”)
and Steven M. Essex (“Executive”). Any reference to the “Company” hereunder shall mean Salisbury Bancorp,
Inc. (together with its successors and assigns), the parent of the Bank that owns 100% of the Bank.

RECITALS

A.
Executive possesses unique and valued experience with, and essential knowledge about, financial institutions and their
operation and the Connecticut banking community;

B.
In order to induce Executive to remain employed with the Bank, the Bank and Executive desire to set forth in writing the
severance benefits that are payable to Executive as a result of Executive’s termination of employment in connection
with a Change in Control of the Bank or the Company.

NOW, THEREFORE,
in consideration of the mutual covenants and obligations herein contained, it is mutually agreed between the parties hereto as
follows:

1. Term.
This Agreement shall continue for a term commencing on the Effective Date and ending on the first anniversary of the
Effective Date (the “Term”). On each annual anniversary of the Effective Date (each an “Anniversary
Date”) this Agreement shall automatically renew for an additional year (each succeeding one year period shall also be
referred to herein as the “Term”), unless at least thirty (30) days prior to such Anniversary Date, either party
gives written notice of non-renewal to the other. If such notice of non-renewal is given as permitted hereunder, the
Agreement will expire at the conclusion of such Term. Notwithstanding any provision of this Agreement to the contrary,
Executive’s employment may be terminated at any time prior to the expiration of the Term, as provided in Section 2
hereof and subject to the provisions of this Agreement, including, without limitation, Sections 4, 5, 6, 9, 10, 11 and 12.
Notwithstanding the foregoing, in the event that at any time during the Term of this Agreement, the Company or the Bank has
entered into an agreement to effect a transaction which would be a Change in Control (as defined in Section 3 hereof), then
the Term of this Agreement shall be automatically extended through the date that is twelve (12) months following the date on
which the Change in Control occurs, provided, however, that if the Change in Control does not occur as contemplated, then the
Agreement shall automatically renew on the next Anniversary Date, unless a notice of non-renewal is given by either
party hereto in the manner set forth above.

2. At-Will
Status. Notwithstanding any provision of this Agreement, Executive is employed at-will, such that Executive or the
Bank may terminate Executive’s employment at any time, for any or no reason, subject to the remaining provisions of
this Agreement.

3. Definitions.
As used in this Agreement, the following terms shall have the meanings set forth herein.

“Cause”
shall mean (i) the conviction of the Executive of a felony or of any lesser criminal offense involving moral turpitude; (ii) the
willful commission by the Executive of any act that, in the judgment of the Board will likely cause substantial economic damage
to the Bank or substantial injury to the business reputation of the Bank; (iii) the commission by the Executive of an act of fraud
in the performance of his duties on behalf of the Bank; (iv) the continuing willful failure of the Executive to perform his duties
to the Bank after written notice thereof (specifying the particulars thereof in reasonable detail) and a reasonable opportunity
to cure such failure are given to the Executive; or (v) an order of a federal or state regulatory agency or a court of competent
jurisdiction requiring the termination of the Executive’s employment by the Bank. For this purpose, no act, or failure to
act, on the part of Executive shall be deemed “willful” unless done, or omitted to be done, by Executive not in good
faith and without reasonable belief that Executive’s action or omission was in the best interests of the Bank. Without limiting
the foregoing, in no event shall Executive be deemed to be acting in good faith or in the best interests of the Bank for purposes
of the preceding sentence with respect to acts of omission or commission taken in contravention of any direction(s), rule(s) or
requirement(s) issued, authorized, approved or ratified by the Board.

Notwithstanding
the foregoing provisions, in no event shall Cause be deemed to exist unless (i) the Bank shall provide Executive with written notice
making reference to this Agreement, stating that the Bank intends to terminate Executive for Cause within the meaning of this Agreement,
and setting forth in reasonable detail the facts and circumstances allegedly constituting Cause, and (ii) the Bank affords Executive
a period of two (2) weeks after issuance of such notice either to demonstrate, through written rebuttal, that Cause does not exist
under this Section 3, or to cure the circumstances constituting such Cause; provided, however, that the determination of whether
Cause exists or whether Executive has sufficiently cured any Cause, shall be made in the reasonable discretion of the Board, as
evidenced by the affirmative vote of not less than a majority of the entire membership of the Board at a meeting of the Board called
and held for such purpose (after reasonable notice is provided to Executive and Executive is given an opportunity, together with
counsel, to be heard before the Board). Nothing in this Section 3 shall prevent the Bank from terminating Executive for Cause prior
to the issuance of the above-referenced notice or expiration of the above-referenced two (2) week rebuttal/cure period; provided
however that if, upon the expiration of such two (2) week period, it is determined that facts or circumstances sufficient to constitute
Cause did not (or, if applicable, do not) exist or has/have been cured, then such earlier termination of Executive by the Bank
shall be deemed to be without Cause. Without limiting the foregoing, the Bank may suspend Executive, with or without pay, during
the above-referenced two (2) week rebuttal/cure period, and such suspension shall not constitute either a termination of employment
by the Bank under this Agreement or Good Reason for separation by Executive.

“Change
in Control” shall mean (i) a change in the ownership of the Company or Bank, (ii) a change in the effective control of
the Company or Bank, or (iii) a change in the ownership of a substantial portion of the assets of the Company or Bank, as described
below.

(i) A
change in the ownership of a corporation occurs on the date that any one person, or more than one person acting as a group
(as defined in Treasury Regulation 1.409A-3(i)(5)(v)(B)), acquires ownership of stock of the Company or Bank that, together
with stock held by such person or group, constitutes more than fifty (50) percent of the total fair market value or total
voting power of the stock of such corporation. For these purposes, a change in ownership will not be deemed to have occurred
if no stock of the Company or Bank is outstanding.

(ii) A
change in the effective control of the Company or Bank occurs on the date that either (A) any one person, or more than one
person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(vi)(D)) acquires (or has acquired during the
twelve (12)-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of
the Company or Bank possessing thirty (30) percent or more of the total voting power of the stock of the Company or Bank, or
(B) a majority of the members of the Company’s or Bank’s board of directors is replaced during any twelve
(12)-month period by directors whose appointment or election is not endorsed by a majority of the members of the
Company’s or Bank’s board of directors prior to the date of the appointment or election, provided that this
subsection “(B)” is inapplicable where a majority shareholder of the entity that experiences the change in
control is another corporation.

(iii) A
change in a substantial portion of the Company’s or Bank’s assets occurs on the date that any one person or more
than one person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(vii)(C)) acquires (or has acquired during
the twelve (12)-month period ending on the date of the most recent acquisition by such person or persons) assets from the
Company or Bank that have a total gross fair market value equal to or more than forty (40) percent of the total gross fair
market value of (A) all of the assets of the Company or Bank, or (B) the value of the assets being disposed of, either of
which is determined without regard to any liabilities associated with such assets.

For all purposes
hereunder, the definition of Change in Control shall be construed to be consistent with the requirements of Treasury Regulation
1.409A-3(i)(5), except to the extent that such regulations are superseded by subsequent guidance.

“Good
Reason” shall mean any of the following circumstances if they occur without the Executive’s consent: (i) a material
reduction in the Executive’s Base Salary not warranted by general across the board reductions due to economic necessity;
(ii) a material reduction in the Executive’s incentive bonus and other benefits generally provided to executives generally
(except due to general across the board reductions due to economic necessity); (iii) a material reduction in Executive’s
authority, duties or responsibilities such that Executive no longer holds a position with Executive level responsibilities consistent
with Executive’s training and experience; or (iv) the permanent relocation of Executive’s principal place of business
to a location that is more than 35 miles from Executive’s workplace at the initial effective date of this Agreement;
provided that for a termination to be deemed for Good Reason, Executive must give, within the ninety
(90) day period commencing on the initial existence of the condition(s) constituting Good Reason, written notice of the intention
to terminate for Good Reason, and, upon receipt of such notice, the Bank shall have a thirty (30) day period within which to cure
such condition(s); and provided further that the Bank may waive such right to notice and opportunity to cure. In no event may facts
or circumstances constituting “Good Reason” arise after the occurrence of facts or circumstances that the Bank relies
upon, in whole or in material part, in terminating Executive for Cause. 

4. Termination
in Connection with a Change in Control. In the event of Executive’s involuntary termination of employment for
reasons other than Cause (or due to Executive’s death or disability) or a voluntary termination of employment for Good
Reason occurring on or after a Change in Control, Executive shall be entitled to the following:

(a) A
lump sum cash payment equal to one (1) times the Executive’s annual rate of base salary in effect on Executive’s date
of termination or, if greater, Executive’s average annual base salary rate for the twelve (12) month period ending on the
last day of the calendar month immediately prior to the date of such termination. Such amount shall be paid to Executive within
sixty (60) days following Executive’s separation from service.

(b) Life
insurance coverage and non-taxable medical and dental coverage, at no cost to Executive, that is substantially comparable (and
on substantially the same terms and conditions) to the coverage maintained by the Bank for Executive immediately prior to his date
of termination. Such life insurance and non-taxable medical and dental coverage shall be provided by the Bank to the Executive
for one (1) year following Executive’s separation from service, provided, however, that this sub-section is not intended
to reduce the amount of time that Executive may obtain coverage at his own expense under the provision of the Consolidated Omnibus
Budget Reconciliation Act of 1985, as amended (“COBRA”) and comparable state law; except that Executive’s coverage
for such period shall be counted against and deducted from the maximum COBRA period. Notwithstanding anything herein to the contrary,
if as the result of any change in, or interpretation of, the laws applicable to the continued welfare benefits hereunder, such
benefits are deemed illegal or subject to penalties, then the Bank shall, to the extent permitted under such laws, pay to the Executive
a cash lump sum payment reasonably estimated to be equal to the amount of welfare benefits (or the remainder of such amount) that
the Executive is no longer permitted to receive in-kind. Such lump sum payment shall be required to be made within sixty (60) days
following the Executive’s separation from service, or if later, within sixty (60) days following a determination that such
payment would be illegal or subject to penalties.

(c)
Unpaid compensation and benefits, and unused vacation, accrued through the date of Executive’s termination of
employment. Executive shall also be entitled to be reimbursed by the Bank for final expenses that Executive reasonably and
necessarily incurred on behalf of the Bank prior to Executive’s termination of employment, provided that Executive
submits expense reports and supporting documentation of such expenses in accordance with the Bank’s expense
reimbursement policies in effect at that time. Such reimbursement payment or payments shall be made no later than the time
required by applicable law (or, if earlier, by Bank or Company policy, practice or rule), but in no event later than the
sixtieth (60th) day following Executive’s date of the termination.

(d)
Notwithstanding the preceding paragraphs of this Section 5, in no event shall the aggregate payments or benefits to be
made or afforded to Executive under this Agreement, either as a stand-alone benefit or when aggregated with other payments
to, or for the benefit of Executive that are contingent on a Change in Control (the “Termination Benefits”)
constitute an “excess parachute payment” under Section 280G of the Internal Revenue Code (“Code”) or
any successor thereto, and in order to avoid such a result, Termination Benefits will be reduced, if necessary, to an amount
(the “Non-Triggering Amount”), the value of which is one dollar ($1.00) less than an amount equal to three (3)
times Executive’s “base amount”, as determined in accordance with said Section 280G. In the event a
reduction is necessary, the Executive shall be entitled to determine which benefits or payments shall be reduced or
eliminated so the total parachute payments do not result in an excess parachute payment. If Executive does not make this
determination within ten (10) business days after receiving a written request form the Bank (or by the time that benefits or
payments are due hereunder, if later), the Bank may make such determination, and shall notify the Executive promptly thereof.
In the event it is determined that permitting the Executive or the Bank to make the determination regarding the form or
manner of reduction would violate Code Section 409A, such reduction shall be made pro rata.

5. Conditions
of Severance Benefits; Effect on Executive’s Post-Employment Obligations.

(a)Notwithstanding
the foregoing, in no event shall any compensation payable to the Executive pursuant to the provisions of 4(a) and (b) above that
is subject to Code Section 409A be paid to the Executive unless and until the Executive has incurred a “separation from service”
as defined in Code Section 409A and in regulations and guidance issued thereunder, unless such payment is required by applicable
law. For purposes of this Agreement, a “separation from service” shall have occurred if the Bank and Executive reasonably
anticipate that either no further services will be performed by Executive after his date of the termination (whether as an employee
or as an independent contractor) or the level of further services performed is less than fifty (50) percent of the average level
of bona fide services in the thirty-six (36) months immediately preceding the termination. For all purposes hereunder, the definition
of separation from service shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii).

(b) Executive
shall receive the severance benefits set forth in Section 4(a) and 4(b) hereof only if Executive (a) executes a general release,
in a form acceptable to the Bank, within sixty (60) days of the date of the termination of the Executive’s employment in
accordance with the provisions of Section 4 hereof; (b) presents satisfactory evidence to the Bank that Executive has returned
all Bank property; and (c) provides the Bank with a signed, written resignation of Executive’s status as an officer and/or
director of the Bank and/or any holding company, subsidiary or affiliate as applicable. In the event the Bank reasonably believes
that Executive has breached, or has threatened to breach, any provision of the Agreement, the Executive shall no longer be entitled
to such benefits and further shall be required to reimburse all severance benefits, including payments under Section 4(a), previously
made by the Bank. Such termination of benefits shall be in addition to any and all legal and equitable remedies available to the
Bank, including injunctive relief. Without limiting the foregoing, Executive acknowledges and agrees that the provisions of Sections
10, 12, 14, 16, 17, and 18 of this Agreement (i) are supported by adequate consideration in addition to the severance benefits
provided under Section 4(a) and 4(b) and all other amounts and things of value to which Executive would be entitled if Executive
did not enter into this Agreement, and (ii) shall be enforceable notwithstanding Executive’s failure of refusal to satisfy,
in whole or in part, the conditions for the severance benefits set forth under this Section 5.

6. Taxes.
All payments and benefits described in this Agreement shall be subject to any and all applicable federal, state and local
income, employment and other taxes, and the Bank will deduct from each payment to be made to Executive under this Agreement
such amounts, if any, required to be deducted or withheld under applicable law. Executive hereby acknowledges and agrees that
the Bank makes no representations or warranties regarding the tax treatment or tax consequences of any compensation, benefits
or other payments under the Agreement, or under any statute, or regulation or guidance thereunder, or under any successor
statute, regulation and guidance thereunder.

7. Code
Section 409A. The cash severance payments under this Agreement are intended to be exempt from Section 409A of the
Code under the “short term deferral” rule set forth in Treasury Regulation Section 1.409A-1(b)(4). If and to the
extent this Agreement provides for a deferral of compensation subject to Section 409A of the Code, it is the intent of the
parties that this Agreement, and all payments of deferred compensation subject to Code Section 409A made hereunder, shall be
in compliance with such requirements and the regulations and other guidance thereunder. Notwithstanding any other provision
with respect to the timing of payments under Sections 4(a), if, at the time of Executive’s separation from service,
Executive is a “specified employee” (meaning a key employee as defined in Section 416(i) of the Code without
regard to paragraph 5 thereof) of the Bank (or a Bank affiliate), then to the extent necessary to comply with the
requirements of Code Section 409A, any payments to which Executive is entitled under Sections 4 (during the six (6) month
period commencing on the Executive’s separation from service which are subject to Code Section 409A (and not otherwise
exempt from its application, including, without limitation, by operation of Treasury Regulation Section 1.409A-1(n)) will be
withheld until the first business day of the seventh (7th) month following Executive’s separation from
service, at which time such withheld amount shall be paid in a lump sum distribution. The Bank and Executive agree that they
will negotiate in good faith and jointly execute an amendment to modify this Agreement to the extent necessary to comply with
the requirements of Code Section 409A, or any successor statute, regulation and guidance thereunder.

8. Limitation
on Benefits. In no event shall the Bank be obligated to make any payment pursuant to this Agreement that is prohibited
by Section 18(k) of the Federal Deposit Insurance Act (codified at 12 U.S.C. §1828(k)), 12 C.F.R. Part 359, or any other applicable
law.

9. No
Mitigation. The Bank agrees that Executive is not required to use reasonable good faith efforts to seek other
employment and to reduce any amounts payable to Executive by the Bank pursuant to this Agreement.

10. Non-Competition;
Non-Solicitation; Non-Disclosure.

(a)The benefits
provided to Executive under this Agreement are specifically conditioned on Executive’s covenant that, for a period of one
(1) year following the Executive’s Separation from Service with the Bank, the Executive will not, without the written consent
of the Bank, either directly or indirectly:

 

(i) solicit,
offer employment to, or take any other action intended (or that a reasonable person acting in like circumstances would expect)
to have the effect of causing any officer or employee of the Bank or any of its affiliates to terminate his or her employment and
accept employment or become affiliated with, or provide services for compensation in any capacity whatsoever to, any business or
other entity;

 

(ii) become
an officer, employee, consultant, director, independent contractor, agent, sole proprietor, joint venturer,
greater than 5% equity-owner or stockholder, partner or trustee of any savings bank, savings and loan association, savings and
loan holding company, credit union, bank or bank holding company, insurance company or agency, any mortgage or loan broker or
any other entity that has headquarters or offices within fifteen (15) miles of the locations in which the Bank or its affiliates
has business operations or has filed an application for regulatory approval to establish an office as of the date of Executive’s
termination; provided, however, that this restriction shall not apply if the Executive’s
employment is terminated following a Change in Control; or

 

(iii) solicit, provide any information, advice or recommendation or
take any other action intended (or that a reasonable person acting in like circumstances would expect) to have the effect of causing
any customer of the Bank or its affiliates to terminate an existing business or commercial relationship with the Bank or its affiliates;
or

 

(b)
Executive further agrees that Executive shall not at any time or in any manner, directly or indirectly, use or disclose
Confidential Information (as hereinafter defined) to any party other than the Bank either during or after Executive’s
termination of employment or the termination of this Agreement for any reason, except for purposes consistent with the
administration and performance of Executive’s obligations hereunder, or as required by law, provided that written
notice of any legally required disclosure shall be given to the Bank promptly prior to any such disclosure and Executive
shall reasonably cooperate with the Bank to protect the confidentiality thereof pursuant to applicable law or regulation. For
purposes of this Agreement, the term “Confidential Information” includes any confidential or proprietary
information furnished or provided by the Bank to Executive after Executive first became employed by the Bank, under this
Agreement or otherwise (whether before or after the Execution Date) (and without regard to whether such information is
conveyed directly or on the Bank’s behalf), or otherwise acquired by Executive as a consequence of
Executive’s employment with the Bank and that is not generally known in the industry in which the Bank is engaged and
that in any way relates to the products, services, purchasing, marketing, names of customers, vendors or suppliers,
merchandising and selling, plans, data, specifications or any other confidential and proprietary information of the Bank or
any affiliate. Any Confidential Information supplied to Executive by the Bank prior to the Execution Date shall be considered
in the same manner and be subject to the same treatment as the Confidential Information made available after the execution of
this Agreement. The term “Confidential Information” does not include information (i) which was already in the
public domain, (ii) which is disclosed as a matter of right by a third party source after the execution of this Agreement,
provided such third party source is not bound by a confidentiality agreement with the Bank or (iii) which passes into the
public domain by acts other than the unauthorized acts of Executive, whether acting alone or in concert; provided, however,
that any disclosure of Confidential Information may be made by Executive if the Bank expressly consents thereto in writing
prior to such disclosure.

11. Exclusive
Remedy. Except as expressly set forth herein or otherwise required by law, Executive shall not be entitled to any
compensation, benefits, or other payments from the Bank as a result of, or in connection with, Executive’ s separation
from service at any time, for any reason. The payments and benefits set forth in Sections 4 hereof shall constitute
Executive’s sole and exclusive remedy for any claims, causes of action or demands arising under or in connection with
this Agreement or its alleged breach, or the termination of Executive’s employment relationship with the Bank.

12. Governing
Law/Interpretation. Executive and the Bank agree that this Agreement and any claims arising out of or in connection
with this Agreement shall be governed by and construed in accordance with the laws of the State of Connecticut, without
giving effect to the principles of conflicts of laws thereof.

13. Entire
Agreement. This Agreement shall constitute the sole and entire agreement between the parties with respect to the
subject matter hereof, and supersedes and cancels all prior, concurrent and/or contemporaneous arrangements, understandings,
promises, offers, agreements and/or discussions, including, but not limited to, those concerning employment agreements and/or
severance benefits, whether written or oral, by or between the parties, regarding the subject matter hereof; provided, however,
that this Agreement is not intended to, and shall not, supersede, affect, limit, modify or terminate any written agreement
or arrangement between Executive and the Bank that does not relate to the subject matter hereof.

14. Assignment.
Executive acknowledges that the services to be rendered hereunder are unique and personal in nature. Accordingly, Executive
may not assign any rights or delegate any duties or obligations under this Agreement. The rights and obligations of the Bank
under this Agreement shall automatically be assigned to the successors and assigns of the Bank (including, but not limited
to, any successor in the event of a Change in Control, as well as any other entity that controls, is controlled by, or is
under common control with, any such successor), and shall inure to the benefit of, and be binding upon, such successors and
assigns. This Agreement shall be binding upon Executive, as well as, Executive’s heir, executors and administrators of
Executive or Executive’s estate and property.

 

15. Notices.
All notices required hereunder shall be in writing and shall be delivered in person, by facsimile or by certified or
registered mail, return receipt requested, and shall be effective upon sending if by facsimile, or upon receipt if by
personal delivery, or upon the fourth (4th) business day after being sent by certified or registered mail. All notices shall
be addressed as follows or to such other address as the parties may later provide in writing:

 

if to the Bank:

Salisbury Bank and Trust Company

5 Bissell Street, PO Box 1868

Lakeville, CT 06039-1868

ATTN: Chairperson of the Board

 

and, if to Executive:

at the address set forth in the human resources
files of the Bank.

16. Severability/Reformation.
If any one or more of the provisions (or any part thereof) of this Agreement shall be held invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions (or any part thereof) shall not in any
way be affected or impaired thereby, and this Agreement shall be construed and reformed to the maximum extent permitted by
law. The language of all parts of this Agreement shall in all cases be construed as a whole according to its fair meaning and
not strictly for or against either of the parties.

17. Modification.
This Agreement and the rights, remedies and obligations contained in any provision hereof, may be modified or waived only in
accordance with this Section 17. No waiver by either party of any breach by the other or any provision hereof shall be deemed
to be a waiver of any later or other breach thereof or as a waiver of any other provision of this Agreement. This Agreement
and its terms may not be waived, changed, discharged or terminated orally or by any course of dealing between the parties,
but only by a written instrument signed by the party against whom any waiver, change, discharge or termination is sought. No
modification or waiver by the Bank is effective without written consent of the Board.

18. Arbitration.
Subject to the mutual agreement of the parties hereto at the time a dispute exists between such parties, any dispute,
controversy or claim arising out of, or in connection with, this Agreement shall be exclusively subject to arbitration before
the American Arbitration Association (“AAA”). Such arbitration shall take place in Hartford, Connecticut, before
a single arbitrator in accordance with AAA’s then current National Rules for the Resolution of Employment Disputes.
Judgment upon any arbitration award may be entered in any court of competent jurisdiction. All parties shall cooperate in the
process of arbitration for the purpose of expediting discovery and completing the arbitration proceedings. Notwithstanding
any provision in this Agreement to the contrary, nothing contained in this Section 19 or elsewhere in this Agreement shall in
any way deprive the Bank of its right to obtain injunctive relief, specific performance or other legal or equitable relief in
a court of competent jurisdiction for purposes of enforcing the provisions of Section 10 hereof.

19. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of
which together shall constitute one and the same instrument.

20. Section
Headings. The descriptive section headings herein have been inserted for convenience only and shall not be deemed to
define, limit, or otherwise affect the construction of any provision hereof.

 

IN WITNESS
WHEREOF, the parties hereto have executed this Agreement under seal as of the date and year first written above.

SALISBURY BANK AND TRUST COMPANY

 

 

 

By: ______________________________________

      Richard J. Cantele,
Jr.

      President and Chief Executive Officer

 

 

 

EXECUTIVE

 

 

 

_________________________________________

Steven M. Essex

Executive Vice President, Head of Trust Wealth Advisory
DivisionExhibit

Exhibit 10.16

ROPER TECHNOLOGIES, INC.
Federal Taxpayer Identification No.:  51-0263969
6901 Professional Parkway East, Suite 200
Sarasota, Florida  34240
Nonstatutory Stock Option Award Certificate (“Award Agreement”)

Part I

Non-transferable
G R A N T  TO

________________________
(“Optionee”)

the right to purchase from Roper Technologies, Inc. (the “Company”)

______________shares (the “Option Shares”) of common stock at the price of $_________ per share (the “Option”) on ___________________, 20____ (the “Grant Date”).

The Option shall be pursuant to and subject to the provisions of the Roper Technologies, Inc. 2016 Incentive Plan (the “Plan”) and to the terms and conditions set forth on the following page (the “Terms and Conditions”).  Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Plan.

Unless vesting is accelerated in accordance with the Plan or in the discretion of the Committee, the Option shall vest (become exercisable) in accordance with the following vesting schedule:  

	
		
	Continuous Status as a Participant
after Grant Date
	

Number of Option Shares Vested

	 
	 

	 
	 

	 
	 

By your electronic signature of this Award Agreement (including your acceptance of the terms set forth in Appendix A - Confidentiality, Intellectual Property, Noncompetition and Nonsolicitation Agreement), you and the Company agree that this Option is granted under and governed by the terms and conditions of the Plan and this Award Agreement (including PART I and PART II hereof), all of which are made a part of this document.

Page 1
Stock Option

PART II
GENERAL TERMS AND CONDITIONS

1.Vesting of Option.  The Option and Option Shares are listed in Part I of this Award Agreement and are subject to all of the terms and conditions of the Plan.  The Option shall vest (become exercisable) in accordance with the vesting schedule shown in Part I.  Notwithstanding the foregoing vesting schedule, the Option shall become fully vested and exercisable upon: (i) Optionee’s death or Disability during his or her Continuous Status as a Participant, (ii) a Change in Control, unless the Option is assumed by the surviving entity or otherwise equitably converted or substituted in connection with the Change in Control, or (iii) if the Option is assumed by the surviving entity or otherwise equitably converted or substituted in connection with a Change in Control, the termination of Optionee’s employment by the Company without Cause (or Optionee’s resignation for Good Reason as provided in any employment, severance or similar agreement between Optionee and the Company or an Affiliate) within two years after the effective date of the Change in Control.
2.Term of Option and Limitations on Right to Exercise.  The term of the Option will be for a period of ten (10) years, expiring at 5:00 p.m., Eastern Time, on the tenth anniversary of the Grant Date (the “Expiration Date”).  To the extent not previously exercised, the Option will lapse prior to the Expiration Date upon the earliest to occur of the following circumstances:
(a)    Three (3) months after the date of the termination of Optionee’s Continuous Status as a Participant for any reason other than (i) for Cause or (ii) by reason of Optionee’s death, Disability or Retirement.
(b)     Thirty-six (36) months after the date of the termination of Optionee’s Continuous Status as a Participant by reason of Retirement.
(c)    Twelve (12) months after the date of the termination of Optionee’s Continuous Status as a Participant by reason of Disability.
(d)    Twelve months after the date of Optionee’s death, if Optionee dies while employed, or during the three (3) month period described in subsection (a) above, during the thirty-six (36) month period described in subsection (b) above or during the twelve-month period described in subsection (c) above and before the Option otherwise lapse.  Upon Optionee’s death, the Option may be exercised by Optionee’s beneficiary designated pursuant to the Plan.
(e)    5:00 p.m., Eastern Time, on the 10th business day after the date of the termination of Optionee’s Continuous Status as a Participant for Cause. 
If Optionee returns to employment with the Company during the designated post-termination exercise period, then Optionee shall be restored to the status Optionee held prior to such termination but no vesting credit will be earned for any period Optionee was not in Continuous Status as a Participant.  If Optionee or his or her beneficiary exercises an Option after termination of service, the Option may be exercised only with respect to the Shares that were otherwise vested on Optionee’s termination of service, including Option Shares vested by acceleration under section 1.
3.Exercise of Option.  The Option shall be exercised by (a) notice directed to the Corporate Secretary of the Company or his or her designee at the address and in the form specified by the Corporate Secretary from time to time and (b) payment to the Company in full for the Shares subject to such exercise (unless the exercise is a broker-assisted cashless exercise, as described below).  If the person exercising an Option is not Optionee, such person shall also deliver with the notice of exercise appropriate proof of his or her right 

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to exercise the Option.  Payment for such Shares shall be in (a) cash, (b) Shares previously acquired by the purchaser, or (c) any combination thereof, for the number of Shares specified in such written notice.  The value of surrendered Shares for this purpose shall be the Fair Market Value as of the last trading day immediately prior to the exercise date.  Alternatively, the Company may permit Optionee to exercise the Option through a “net” exercise, whereby the Company shall retain from the Option that number of Option shares having a Fair Market Value on the date of exercise equal to some or all of the exercise price.  To the extent permitted under Regulation T of the Federal Reserve Board, and subject to applicable securities laws and any limitations as may be applied from time to time by the Committee (which need not be uniform), the Option may be exercised through a broker in a so-called “cashless exercise” whereby the broker sells the Option Shares on behalf of Optionee and delivers cash sales proceeds to the Company in payment of the exercise price.  In such case, the date of exercise shall be deemed to be the date on which notice of exercise is received by the Company and the exercise price shall be delivered to the Company by the settlement date.
4.Taxes/Withholding.  The Company or any employer Affiliate has the authority and the right to deduct or withhold, or require you to remit to the employer, an amount sufficient to satisfy federal, state, and local taxes (including your FICA obligation) required by law to be withheld with respect to any taxable event arising as a result of the exercise of an Option.  The withholding requirement may be satisfied, in whole or in part, at the election of the Corporate Secretary, by withholding from the Option Shares having a Fair Market Value on the date of withholding equal to the minimum amount required to be withheld for tax purposes (or such greater amount up to the maximum individual statutory rate in the applicable jurisdiction as may be permitted under then-current accounting principles to qualify the award for equity classification), all in accordance with such procedures as the Corporate Secretary establishes.  Section 17.3 of the Plan is incorporated by reference herein.
5.Limitation of Rights.  The Option does not confer to Optionee or Optionee’s beneficiary any rights of a shareholder of the Company unless and until Shares are in fact issued to such person in connection with the exercise of the Option.  Nothing in this Certificate shall interfere with or limit in any way the right of the Company or any Affiliate to terminate Optionee’s service at any time, nor confer upon Optionee any right to continue in the service of the Company or any Affiliate.
6.Restrictions on Transfer and Pledge.  No right or interest of Optionee in the Option may be pledged, encumbered, or hypothecated to or in favor of any party other than the Company or an Affiliate, or shall be subject to any lien, obligation, or liability of Optionee to any other party other than the Company or an Affiliate.  The Option is not assignable or transferable by Optionee other than by will or the laws of descent and distribution, but the Committee may (but need not) permit other transfers.  The Option may be exercised during the lifetime of Optionee only by Optionee or any permitted transferee.  
7.Restrictions on Issuance of Shares.  If at any time the Committee shall determine in its discretion, that registration, listing or qualification of the Shares covered by the Option upon any Exchange or under any foreign, federal, or local law or practice, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition to the exercise of the Option, the Option may not be exercised in whole or in part unless and until such registration, listing, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee.
8.Plan Controls.  This Award Agreement and the rights and obligations created hereunder shall be subject to all of the terms and conditions of the Plan.  In the event of any conflict between the provisions of the Plan and the provisions of this Award Agreement, the terms of the Plan, which are incorporated herein by reference, shall control.  By signing this Award Agreement, you acknowledge receipt of a copy of the Plan.  You acknowledge that you may not and will not rely on any statement of account or other communication or document issued in connection with the Award other than the Plan, this Award Agreement, or any document 

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signed by an authorized representative of the Company that is designated as an amendment of the Plan or this Award Agreement.
9.Successors.  This Certificate shall be binding upon any successor of the Company, in accordance with the terms of this Certificate and the Plan.
10.Notice.  Any communication required or permitted to be given under the Plan, including any notice, direction, designation, comment, instruction, objection or waiver, shall be in writing and shall be deemed to have been given at such time as it is delivered personally or five (5) days after mailing if mailed, postage prepaid, by registered or certified mail, return receipt requested, addressed to such party at the address listed below, or at such other address as one such party may by written notice specify to the other party:  If to the Participant, to the Participant’s address as shown in the Company’s records.  If to the Committee:  Roper Technologies, Inc., 6901 Professional Parkway East, Suite 200, Sarasota, FL  34240, Attention:  Compensation Committee and Corporate Secretary.

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APPENDIX A TO 
NONSTATUTORY STOCK OPTION AWARD CERTIFICATE

CONFIDENTIALITY, INTELLECTUAL PROPERTY,
NON-COMPETITION AND NON-SOLICITATION AGREEMENT
This Confidentiality, Intellectual Property, Non-Competition and Non-Solicitation Agreement (“Agreement”) is by and between Roper Technologies, Inc. and the Participant. 
WHEREAS, Roper Technologies, Inc.’s grant of a Nonstatutory Stock Option Award with a grant date specified in the Award Agreement (“Grant Date”), is conditioned upon my execution of this Agreement, in consideration of Roper Technologies, Inc.’s grant of such Time-Based Restricted Stock and the mutual promises contained in this Agreement, Roper Technologies, Inc. and I agree to the following terms and conditions: 
1.      Position of Trust.  As used herein: “Company” means Roper Technologies, Inc., and any Affiliate that I am transferred to, am entrusted with Confidential Information about, or am required to provide services to in the course of my employment or services.  “Affiliate” is any corporation, entity or organization that Roper Technologies, Inc. owns a controlling interest in or that is under common ownership and control with Roper Technologies, Inc.  I acknowledge that I am being placed in a position of special trust and confidence.  I understand that the Company has spent and will continue to spend substantial time and money developing its technologies, products and services and training its employees on its technologies, products and services.  The Company also has dedicated its time and resources developing and maintaining relationships with existing and potential customers, clients, referral sources and vendors.  Through my position, the Company will provide me with one or more of the following:  (a) Confidential Information; (b) authorization to develop and expand relationships with customers, prospective customers, and others involved in the Company’s business that are key to the development of goodwill for the Company; and/or (c) specialized training related to the Company’s business and customers.  I understand that the Company will provide me with one or more of these items in reliance upon my promise to abide by all of the restrictions in this Agreement. I agree that the business in which the Company is engaged is extremely competitive and that through my employment with the Company I have received and had access to and will receive and have access to Confidential Information (as defined below), customer contact, and proprietary materials related to the Company’s business that would give me an unfair competitive advantage in competition against the Company if not subject to restrictions provided for in this Agreement.
2.      Nondisclosure Obligation.  I agree not to engage in any unauthorized use or disclosure of Confidential Information and to limit my use of such information to purposes that further the Company’s business interests consistent with my assigned job duties.  As used herein, “Confidential Information” refers to an item of information or a compilation of information in any form (tangible or intangible) related to the Company’s business that Company has not made public or authorized public disclosure of, and that is not generally known to the public through proper means.  Confidential Information includes, but is not limited to:  (a) Company’s business plans and analysis, customer and prospective customer lists, marketing plans and strategies, research and development data, buying practices, financial data, operational data, methods, techniques, technical data, know-how, innovations, computer programs, un-patented inventions, and trade secrets; and (b) information about the business affairs of third parties (including, but not limited to, clients and acquisition targets) that such third parties provide to Company in confidence. Confidential Information will remain protected under this Agreement if made public by improper means (such as an 

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unauthorized disclosure by me or another person). I understand and agree that the obligations of this paragraph shall continue to apply after the termination of my employment.   Nothing herein prohibits a disclosure of information that is compelled by law; provided, however, that to the extent allowed by law, if I am compelled to disclose Confidential Information I will give Company as much advance written notice as possible under the circumstances and will cooperate with Company in any legal action undertaken to protect the confidentiality of the information.  Nothing in this Agreement is intended or shall be construed to prohibit or discourage me from reporting of, or opposition to, an illegal act, or as limiting or impeding the right of a non-managerial and non-supervisory employee who is covered by the National Labor Relations Act (the “Act”) from using or sharing information about terms and conditions of employment (such as wages, hours, or working conditions) for purposes that are protected under Section 7 of the Act (such as organization or collective bargaining).
3.    Intellectual Property Obligations.  I understand that I am expected, through my position with the Company, to use my creative and inventive capacities to assist the Company.  I agree that during my employment I will promptly disclose to the Company any Intellectual Property that I create, conceive, or contribute to.  “Intellectual Property” means any item that would qualify as an Invention or Copyrightable Work.  “Copyrightable Works” means all original works of authorship that I prepare, alone or with others, within the scope of my employment with Company or that relate to a line of business that Company is engaged in or may reasonably be anticipated to engage in, including, but not limited to, reports, computer programs, mask works, drawings, designs, documentation and publications.  “Inventions” means all intellectual property, inventions, designs, discoveries, innovations, ideas, know-how and/or improvements, whether patentable or not, and whether made by me alone or jointly with others, which (a) relate to the existing or foreseeable business interests of Company, (b) relate to Company’s actual or anticipated research or development, (c) were developed or discovered with the assistance of Company tools, equipment, personnel or other resources, or (d) are suggested by, related to or results from any task assigned to me, Confidential Information provided to me, or work performed by me for or on behalf of the Company.
3.1    Ownership of Intellectual Property.  I agree that all Inventions are and will remain the sole and exclusive property of Company.  I do hereby grant and assign all of my right(s), title and interest in and to any and all Inventions, inclusive of all moral rights and rights of control of any kind, to the Company.  I recognize that all Copyrightable Works shall to the fullest extent permissible be considered “works made for hire” in the United States as defined in the U.S. Copyright Laws and in any other country adhering to the “works made for hire” or similar notion.  All such Copyrightable Works shall from the time of creation be owned solely and exclusively by Company throughout the world.  If any Copyrightable Works or portion thereof shall not be legally qualified as a work made for hire in the United States or elsewhere, or shall subsequently be held to not be a work made for hire, I do hereby grant and assign all of my right(s) (inclusive of all moral rights and rights of control of any kind), title and interest in and to any and all Copyrightable Works, and all registered and applied for copyrights therein, to the Company.
3.2    Cooperation Obligation.  When requested to do so by Company, either during or subsequent to my employment with Company, I will (a) execute all documents requested by Company for the vesting in Company of the entire right, title and interest in and to the Inventions, Confidential Information and Copyrightable Works, and all patent application filed and issuing on the Inventions; (b) execute all documents requested by Company for filing and obtaining of patents or copyrights; and (c) provide assistance that Company reasonably requires to protect its right, title and interest in the Inventions, Confidential Information and Copyrightable Works, including, but not limited to, providing declarations and testifying in administrative and legal proceedings with regard to Inventions, Confidential Information and Copyrightable Works.  The Company shall have full control over all applications for patents or other legal protection of these Inventions and Copyrightable Works.  The Company is not obligated to use or exploit these Inventions or Copyrightable 

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Works or attribute them to me.  In the event that there is any invention, copyrightable work, idea, discovery, development, or other intellectual property that I own or in which I have an interest that is not owned by the Company pursuant to the above terms, and such intellectual property is incorporated into any product or service of the Company, then I hereby grant to the Company and its assigns a nonexclusive, perpetual, irrevocable, fully paid-up, royalty-free, worldwide license to any such item that is so incorporated, including all rights to make, use, sell, reproduce, display, modify, or distribute the item.  
4.    Nonsolicitation and Noncompete Obligations.  As used herein, the following definitions shall apply:  “Conflicting Product or Service” means any product or service of any person or organization other than Company that competes with a product or service of the Company, whether in existence or under development, that I had involvement with or received Confidential Information about during the Look Back Period.  The “X Look Back Period” refers to the last two (2) years of my employment with Company or such lesser period as I may have been employed with the Company and the “Y Look Back Period” refers to the last twelve (12) months of my employment with the Company or such lesser period as I may have been employed with the Company.  “Conflicting Organization” means any person or organization which is engaged in or planning to became engaged in development, production, marketing, or selling of a Conflicting Product or Service.  “Covered Customer” is a Company customer (person or entity) that I, or persons under my supervision or management, had business-related contact or dealings with on behalf of the Company in the Y Look Back Period.  A customer is understood to include persons or entities that the Company is doing business with (as reflected by any sales or services provided to that person in the preceding two (2) year period) and those with whom the Company has a reasonable expectation of doing business based upon proposals or other business-related contact engaged in with the person or entity in the six (6) month period preceding the termination of my employment with the Company.  “Assigned Territory” is the geographic area, by state, county, or other recognized geographic boundary that is assigned to me as a limitation on where I am to do business for the Company if my responsibilities for the Company are limited to, or confined to a specific geographic territory.  The Company does business throughout the United States and worldwide in all other countries where it can lawfully do business.  Accordingly, if I am not provided a more limited territory assignment, then the Assigned Territory applicable to me shall be understood to be the state(s) where I am employed and provide services, the United States, and the other countries throughout the world where the Company marketed products or services that I had involvement with, during the Y Look Back Period. To “solicit” refers to any intentional communication or conduct that encourages or induces action in another party or is likely to do so, without regard for which party first initiated contact or communication, and without regard to whether the communication or conduct was in response to an inquiry or request.  The date or event of “termination of employment” refers to the end of employment regardless of which party ends the employment relationship, why the relationship is ended, or how the relationship is ended (resignation, dismissal, lay off, end of fixed employment term, or otherwise). 
4.1    Non-Compete.  During my employment with Company, I will avoid competing with the Company or providing unauthorized assistance to a Conflicting Organization.  In order to protect the Company’s trade secrets and other business interests invested in me, for a period of twenty (24) months after the termination of my employment with Company, I will not engage in any “Competing Activities” within my Assigned Territory.  “Competing Activities” are any activities or services for a Conflicting Organization (as an employee, consultant, contractor, officer, owner, director, or otherwise) that (a) involve performing, supervising, or managing services that are the same as or similar in function or purpose to those I performed, supervised, or managed for the Company in the X Look Back Period, (b) involve a Conflicting Product or Service, or (c) would be likely to involve the use Confidential Information.  Notwithstanding the foregoing, I may accept employment with a Conflicting Organization whose business is diversified and which is, as to that part of its business in which I accept employment, not a Conflicting Organization if prior to acceptance I provide the Company written notice of the position I am taking and provide written assurances satisfactory 

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to Company that the position will not involve a Conflicting Product or Service or involve use of Confidential Information. 
4.2    Nonsolicitation of Customers.  In order to protect the Company’s trade secrets and other legitimate business interests, during my employment with Company and for twenty-four (24) months after the termination of my employment for any reason, I will not, in person or through the direction or control of others, knowingly solicit business from, contact or communicate with a Covered Customer for the purpose of (a) selling or servicing a Conflicting Product or Service, or (b) diverting a business opportunity away from the Company.  The foregoing is understood to be reasonably limited by geography to the locations where the Covered Customer does business and is available for contact.  If a geographic limitation is required under applicable law or if at the time of the termination of my employment my primary area of responsibility is limited to the sale or provision of products or services within one or more Assigned Territories (applicable to myself or individuals I manage or supervise), then the post-employment restrictions set forth herein shall include and be limited to those Assigned Territory(s) applicable to me during the Y Look Back Period.   
4.3    Nonsolicitation of Employees and Sales Representatives.   During my employment with the Company, and for a period of twenty four (24) months after the termination of my employment, I will not solicit or communicate with, in person or through others, an employee or individual sales representative of the Company that I worked with or become familiar with as a result of my association with the Company, for the purpose of inducing or encouraging such person to end his or her relationship with the Company or to provide services to a Conflicting Organization. Nothing in this Section 4.3 is intended to prohibit general advertising to fill an opening in a publication directed to the public at large (such as a “want ad” in a newspaper) (and any subsequent hiring as a result thereof) so long as it does not target the Company’s employees or representatives. 
5.    Additional Terms, Conditions, and Representations. 
5.1    No Violation of Agreements with Prior Employers.  I am under no contractual obligations with a prior employer or other party that would prohibit me from being employed with the Company or from performing the duties of the position I am being or have been hired to perform.  I agree that I will not disclose to the Company or use for the Company’s benefit any information that to my knowledge is proprietary or confidential to any of my prior employers, without proper consent from the prior employer, if I am in possession of any such information.  
5.2     At-Will Employment.  I understand that this Agreement does not obligate me to remain employed by the Company nor does it confer upon me the right to continued employment by the Company.  Except to the extent that I have entered into a written employment agreement with the Company which governs my employment relationship with the Company, the Company and I each have the right to terminate the employment relationship at any time, for any or no reason, with or without notice and with or without cause.
5.3    Provisions are Reasonable.  I acknowledge and agree that it is reasonable and necessary for the protection of the goodwill and continued business of Company that I abide by the covenants and agreements contained in this Agreement during and following my employment with Company and that Company will suffer irreparable injury, loss, harm and damage if I engage in conduct prohibited in this Agreement.  My experience and abilities are such that compliance with this Agreement will not cause any undue hardship or unreasonable restriction on my ability to earn a livelihood and that the restrictions on my activities during and after employment do not prevent me from using skills in any business or activity that is not in competition with Company.  Nothing in this Agreement shall be construed to limit or reduce any 

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common law or statutory duty I would otherwise owe to Company absent this Agreement, including but not limited to my duty of loyalty and fiduciary duty as an employee placed in a special position of trust; nor shall this Agreement limit or eliminate any remedies available to the Company for a violation of such duties. 
5.4    Notifications Related to New Employment.  I acknowledge that I will have the responsibility to inform any prospective employer of this Agreement and its restrictions prior to accepting employment with such employer.  The Company and I are both entitled to express our opinions to others about the applicability of this Agreement to third parties.  While I reserve the right to communicate my disagreement with such an opinion if I disagree, I recognize the Company’s legitimate business interest in expressing its opinion to a third party (such as, but not limited to, a prospective employer or a customer of the Company) and consent to it doing so if it believes such is necessary.
5.5    Special Remedies.  I recognize that any breach by me of this Agreement will cause the Company irreparable harm that cannot be compensated adequately by an award of monetary damages.  I agree that the Company may seek and obtain injunctive relief in addition to damages the Company may recover at law.  If I violate one of the post-employment restrictions in this Agreement on which there is a specific time limitation, the time period for that restriction will be extended by one day for each day I am found to be in violation of it, up to a maximum extension of time equal in length to the original period of restriction, so as to give the Company the benefit of a period of forbearance by me that is equal to the original length of time provided for.  All remedies for enforcement of this Agreement shall be cumulative and not exclusive.  If a legal action becomes necessary for the Company to enforce this Agreement, the Company shall have the right to recover the reasonable attorneys’ fees and costs it incurs as a result of such action in the event it prevails in any such action.  
5.6    Governing Law and Venue.  In order to maintain uniformity in the interpretation of this Agreement across the Company’s operations in many different states, the parties have expressly agreed that this Agreement, the parties’ performance hereunder and the relationship between them shall be governed by, construed and enforced in accordance with the laws of the State of Delaware without regard to the conflict of law rules or limitations of Delaware or any other state that may otherwise apply.  Any legal action arising from this Agreement shall be brought in Delaware or in the state where I was last employed for the Company (based on the office or location I was assigned to by the Company for reporting purposes) or in the state where the Company is headquartered, and I consent to the personal jurisdiction of the courts in such locations over me and waive any and all objections to the contrary.
5.7    Survival.  To the extent any portion of this Agreement or any portion of any provision of this Agreement is held to be invalid or unenforceable within a particular jurisdiction, such provision shall be construed by limiting and reducing it so as to contain the maximum restrictions permitted by applicable law within that jurisdiction.  All remaining provisions of this Agreement, and/or portions thereof, shall remain in full force and effect and the enforceability of the Agreement outside the jurisdiction at issue shall not be affected.  Except where otherwise prohibited by applicable law, all of the restrictive covenants in this Agreement, shall be construed as agreements independent of one another and any other provision of this Agreement and shall survive the termination of this agreement and my employment with the Company; and, the existence of any claim or cause of action against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of such provisions.
5.8    Integration.  I agree and acknowledge that this Agreement supersedes prior agreements between me and the Company with respect to the subject matter addressed in this Agreement.  Notwithstanding the foregoing, in the event that this Agreement is found to be unenforceable by a court of law, then any prior agreement between the parties protecting the Company’s legitimate business interests (a 

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“Prior Agreement”) may resume effect at the election of the Company; provided, however, that (a) the Company must make such election within ten (10) business days of such ruling of unenforceability becoming final, and (b) no post-employment conduct by me shall be deemed to have been in violation of a post-employment restriction in the Prior Agreement prior to the Company electing to resume the Prior Agreement and communicating such election to me in writing.
5.9    Waiver or Modification / Assignability.  Neither this Agreement, nor any term or provision hereof, may be waived or modified in whole or in part by either party without the party that holds the right to enforce such provision expressly waiving the right to enforce such provision in writing.  In the event of such a waiver from the Company, the Company’s waiver must be in writing from an officer of Roper Technologies, Inc. expressly stating that it is intended to operate as a waiver or modification of this Agreement. This Agreement shall inure to the benefit of the Company, without the need for any further action by me.  I understand that the Company is the intended beneficiary of this Agreement, and that any one or more of same with a material interest in my compliance with this Agreement may enforce this Agreement.  I agree that this Agreement is assignable by the Company.  I hereby consent and agree to assignment by the Company of this Agreement and all rights and obligations hereunder, including, but not limited to, an assignment in connection with any merger, sale, transfer or acquisition consummated by the Company relating to all or part of its assets.
5.10    Transfer or Renewal of Employment.  This Agreement will be deemed to continue during any periods of renewal of my employment, including, but not limited to, periods of employment following promotions or transfers, or during any subsequent re-employment by the Company.
Nothing in this Agreement prohibits the Participant from reporting an event that the Participant reasonably and in good faith believes is a violation of law to the relevant law-enforcement agency (such as the Securities and Exchange Commission, Equal Employment Opportunity Commission, or Department of Labor), or from cooperating in an investigation conducted by such a government agency.  The Participant is hereby provided notice that under the 2016 Defend Trade Secrets Act (DTSA):  (1) no individual will be held criminally or civilly liable under Federal or State trade secret law for disclosure of a trade secret (as defined under the DTSA) that: (A) is made in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and made solely for the purpose of reporting or investigating a suspected violation of law; or, (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public; and, (2) an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document contain the trade secret under seal, and does not disclose the trade secret, except as permitted by court order. 

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