Document:

Document

EXHIBIT 10.5

October 24, 2020

Joanne Crevoiserat

Dear Joanne,
 
It is with great pleasure that I confirm our offer to appoint you as Chief Executive Officer of Tapestry, Inc. (“Tapestry” or the “Company”), reporting to the Board of Directors of Tapestry. Upon effectiveness of the appointment, you will continue to be a member of Tapestry’s Executive Committee. You will continue to be considered an “officer” under Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as well as an “Executive Officer” of Tapestry pursuant to Rule 3b-7 of the Exchange Act.
Reference is hereby made to your employment letter dated as of June 17, 2019 in connection with your appointment as the Company’s Chief Financial Officer (the “2019 Letter Agreement”) and your letter dated June 20, 2020 in connection with your appointment as Interim Chief Executive Officer (the “Interim CEO Letter Agreement” and, together with the 2019 Letter Agreement, the “Prior Letter Agreements”).  This letter details your base salary, bonus opportunity, annual equity opportunity, appointment compensation and other benefits. It also lays out the conditions of your continued employment with Tapestry and supersedes the Prior Letter Agreements, except to the extent expressly set forth herein or set forth in the applicable equity award agreements granted prior to the Effective Date (defined below). 

If you accept our offer, you will start in your new role effective October 27, 2020 (the “Effective Date”).

1.Base Salary
$1,300,000 per annum, which will immediately be reduced by 20% to $1,040,000 annually, consistent with the Company-wide salary reductions in effect during fiscal year 2021 for so long as such reductions are in effect.

Your salary will be paid in accordance with the Company’s payroll practices, currently bi-weekly, which are subject to change from time-to-time at the discretion of the Company, and will be paid less withholding and deductions authorized under applicable law. 

Performance reviews are typically conducted at the end of our fiscal year, which presently runs from approximately July 1 through June 30. Any merit increases for which you may be eligible 

would be determined at that time, and would take effect in September. You will next be eligible for a merit increase in September 2021. 
2.Incentive Compensation
You will continue to be eligible to participate in the Company’s Performance-Based Annual Incentive Plan ("AIP"), a cash incentive program under which your payout is based on Tapestry’s financial performance, subject to its terms and conditions. As of the Effective Date, your target AIP bonus will be 175% of your salary actually paid from the Effective Date through the end of fiscal year 2021 and for subsequent fiscal years. For the portion of fiscal year 2021 prior to the Effective Date, your target AIP bonus will be governed by the Prior Letter Agreements. The actual AIP bonus payout may range from 0% of target for performance below established thresholds to 200% of target for maximum performance, with performance components, measures and target values to be established by the Company’s Board of Directors or the Human Resources Committee of the Board of Directors (the “Committee”). For avoidance of doubt, for fiscal year 2021, your target AIP bonus will be calculated as follows: 100% of your salary actually paid from the start of fiscal year 2021 until July 21, 2020, the effective date of your appointment as Interim Chief Executive Officer, 150% from July 21, 2020 until the Effective Date and 175% thereafter.  Any AIP bonus paid during fiscal year 2021 will reflect your reduced salary, as in effect for any portion of the fiscal year. 

Any AIP bonus is paid within three months of the end of the fiscal year and you must be an employee in good standing with the Company on the AIP bonus payment date in order to be eligible to receive any such AIP bonus payment, except as set forth in Section 5 below in the event of your involuntary termination other than for “cause” or your resignation for “Good Reason” (each as defined in the attached Addendum).  If you resign your employment without “Good Reason” or are terminated for "cause," you are not eligible for this bonus for the fiscal year in which you provide the required notice of your intent to resign your employment (or resign without notice) or your employment is terminated, as applicable. For the purposes of this letter, termination for “cause” is defined in the Addendum. Please refer to the Corporate Pay section of Tapestry’s intranet, the Loop, for the governing terms and conditions of the AIP bonus plan.  In addition, Tapestry’s Board of Directors has adopted an incentive repayment policy (attached) for members of the Executive Committee, which you must sign and return to me coincident with your acceptance of this offer.

3.Equity Compensation
Your compensation package includes a guideline annual equity grant value of $6,500,000 to be granted in a fixed proportion of different equity vehicles, which may include restricted stock units ("RSUs"), performance restricted stock units ("PRSUs"), and/or stock options, as determined annually by the Committee and normally granted in August. Subject to you accepting your appointment and starting in your role by the Effective Date, your next annual grant will be made in August 2021. The number of stock options you receive will be based on the grant price (closing price of Tapestry, Inc. stock on the grant date) and on an industry standard valuation model, Black-Scholes, which determines the value of a stock option.  The number of PRSUs and RSUs you receive will be based on the grant price. The grant value and vehicle mix of any future equity grants will be determined based on your position, performance, time in job and other criteria Tapestry determines in its discretion, which are subject to change.  All equity awards are subject to approval by the Committee. 
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With respect to equity grants made prior to the Effective Date, the provisions of the Prior Letter Agreements and the applicable award agreements will continue to apply in full force and effect. 

4.Appointment Compensation
You will receive an appointment equity grant with a grant value of $3,500,000 (the “Appointment Grant”).  The Appointment Grant will be made on the first business day of the calendar month coincident with or following your Effective Date, subject to your continued employment from the Effective Date until grant date. The Appointment Grant will be 40% options and 60% PRSUs.  The PRSUs will be eligible to cliff vest after two years and may vest between 0 to 200% of target shares depending on performance, subject to your continued employment or other service with the Company from the grant date to the vesting date. The stock options will be exercisable one-fourth each year over four years beginning on the first anniversary of the grant date, subject to your continued employment or other service with the Company from the grant date to the vesting date. The number of stock options you receive will be based on the grant price (closing price of Tapestry, Inc. stock on the grant date) and on an industry standard valuation model, Black-Scholes, which determines the value of a stock option. The number of PRSUs you receive will be based on the grant price.  In addition, the grant agreement evidencing the PRSU portion of the Appointment Grant will require that you retain the net shares acquired upon vesting for a period of two years following the vesting date. In accepting our offer, you agree that you will repay the Financial Gain (as defined in the applicable award agreement) of the vested portion of the Appointment Grant and forfeit the full amount of the unvested portion(s) if you provide notice of your intent to resign your employment without Good Reason (or resign without notice) at any time within 24 months of your Effective Date, or if your employment is terminated for “cause,” as defined in the Addendum. 

You are subject to the terms and conditions of the grant agreements, including, but not limited to, the provisions relating to claw back of equity gains in certain post-employment scenarios.  Notwithstanding anything to the contrary in this letter, the terms of the Tapestry, Inc. 2018 Stock Incentive Plan (as it may be amended from time to time, the "Stock Plan") and related grant agreements, as they may be changed from time to time, are controlling.
With respect to the appointment cash bonus you received upon your appointment as Chief Financial Officer, the repayment provisions in the 2019 Letter Agreement will continue to apply in full force and effect.  With respect to equity grants made prior to the Effective Date, the provisions of the Prior Letter Agreements and the applicable award agreements will continue to apply in full force and effect. 
5.Severance
If your employment at the Company should cease involuntarily for any reason other than for "cause" (e.g., position elimination) or if you resign for “Good Reason,” each as defined in the attached Addendum, and subject to compliance with the Restrictive Covenants set forth in Section 4 in the attached Addendum, you will be eligible to receive (i) cash severance equal to twenty-four (24) months of base salary (“Cash Severance”), (ii) a pro-rated portion of your AIP bonus to be paid on the regular payout date of any AIP bonus which was earned and payable for the fiscal year in which the date of termination occurs (and is actually paid to Tapestry 
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employees for such fiscal year) based on Tapestry’s financial performance, as established by the Company’s Board of Directors or the Committee and (iii) payment on the regular payout date of any AIP bonus which was earned and payable for the prior fiscal year (and is actually paid to Tapestry employees for such fiscal year) based on Tapestry’s financial performance, as established by the Company’s Board of Directors or the Committee, which has not been paid as of the date of termination, provided that your date of termination is after the end of the fiscal year during which such AIP bonus is earned.  The Cash Severance will be deemed to be paid subject to and in accordance with the terms, conditions and restrictions set forth in the Company’s Severance Plan for Vice Presidents and Above (including the time and form of payment provisions therein).  For more information, please view the Severance Plan for Vice Presidents and Above on the Loop or contact Human Resources. If you are or become eligible to receive cash severance pursuant to a severance plan sponsored or maintained by the Company that is at least equal to the amount of the Cash Severance, you will not receive the Cash Severance provided hereunder. To receive separation pay set forth in this paragraph, you will be required to sign a waiver and release agreement in the form provided by the Company. This agreement will include restrictions on your ability to compete with the Company and solicit Company employees, customers and vendors.
6.Section 409A of the Internal Revenue Code
It is expressly intended and contemplated that this letter comply with the provisions of Section 409A of the Code and the applicable guidance thereunder ("Section 409A") and that the payments hereunder will either be exempt from Section 409A or will comply with the provisions of Section 409A.  This letter will be administered and interpreted in a manner consistent with this intent, and, notwithstanding any provision of this letter to the contrary, in the event that the Company determines that any amounts payable hereunder would be immediately taxable to you under Section 409A, the Company reserves the right (without any obligation to do so or to indemnify you for failure to do so) to amend this letter to satisfy Section 409A or be exempt therefrom (which amendment may be retroactive to the extent permitted by Section 409A).  
Notwithstanding any other provision of this letter, if you are a "specified employee" within the meaning of Treas. Reg. §1.409A-1(i)(1), then the payment of any amount or the provision of any benefit under this letter which is considered deferred compensation subject to Section 409A shall be deferred for six (6) months after your "separation from service" or, if earlier, the date of your death to the extent required by Section 409A(a)(2)(B)(i) (the "409A Deferral Period").  In the event payments are otherwise due to be made in installments or periodically during the 409A Deferral Period, the payments which would otherwise have been made in the 409A Deferral Period shall be accumulated and paid in a lump sum on the Company’s first standard payroll date that arises on or after the 409A Deferral Period ends, and the balance of the payments shall be made as otherwise scheduled.  For purposes of any provision of this letter providing for reimbursements to you, such reimbursements shall be made no later than the end of the calendar year following the calendar year in which you incurred such expenses, and in no event shall the unused reimbursement amount during one calendar year be carried over into a subsequent calendar year.  For purposes of this letter, you shall not be deemed to have terminated employment unless you have a "separation from service" within the meaning of Treas. Reg. § 1.409A-1(h). All rights to payments and benefits under this letter shall be treated as rights to receive a series of separate payments and benefits to the fullest extent allowed by Section 409A. In no event shall any liability for failure to comply with the requirements of Section 
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409A be transferred from you or any other individual to the Company or any of its affiliates, employees or agents.
7.Benefits
The Company agrees to pay or reimburse reasonable and documented legal fees incurred by you in connection with the negotiation of this offer letter, up to a maximum of $15,000 (fifteen thousand dollars). Such benefit is taxable to you and will be included in your calendar year 2020 Tapestry income. Your other major benefits will include medical, dental, vision, retirement savings, life insurance, short and long term disability, Employee Stock Purchase Plan, employee discount program and 25 business days of vacation per calendar year, as generally provided by the Company to employees at a comparable level in accordance with the plans, practices and programs of the Company, and subject to your satisfaction of applicable eligibility requirements.  These benefits are subject to change from time-to-time in the discretion of the Company.  We are enclosing a summary of benefits highlighting these programs in Your Tapestry Benefits Overview.
8.Relocation
The Relocation Provisions in the 2019 Letter Agreement will continue to apply in full force and effect. 
9.Retirement
Notwithstanding the terms of your equity award agreements, upon your voluntary resignation from the Company after attaining age 62 with not less than five (5) completed years of service with the Company and its affiliates, your voluntary resignation will be deemed a “Retirement,” as such term is defined in applicable award agreements, provided that you continue to comply with the terms and conditions of any restrictive covenants (e.g., non-competition, non-investment in a company competitor, non-solicitation of company employees and customers and nondisclosure of confidential company information), and provided further, that any such awards shall be subject to the terms and conditions of the applicable award agreements and the Stock Plan.
10.Confidentiality
The Company believes strongly in respecting the proprietary rights of third parties and expects each of its employees to honor their confidentiality obligations to former employers. Accordingly, we expect you to fully comply with any and all obligations you may have, including non-compete, non-solicitation and confidentiality obligations.
By accepting this offer, you are re-affirming your representation to the Company that you are not subject to any existing non-compete obligations with your current or former employer that would prevent you from commencing this position with the Company on the Effective Date without restriction or penalty. Further, you are re-affirming your representation that you are currently in compliance with any non-solicitation obligation(s) you have with respect to your current or former employer and that you have not had any discussions with anyone or referred any individuals to the Company in violation of those obligations. The Company does not want, and specifically instructs you not to violate any non-solicitation obligations you may have with respect to your current and former employers and to maintain in confidence, and not destroy, delete or alter, information that is confidential and/or proprietary to your current and former 
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employers. As a reminder, we are offering you this position based upon your talent and the skills you have acquired throughout your career. 
As a continuing employee of the Company, and as a part of this offer, you will be subject to the various policies set forth in the attached Addendum, as well as those set forth in the Your Tapestry Benefits Overview that accompanies this offer.  Such policies include, but are not limited to, the following:
•Incentive Repayment Policy;
•Executive Stock Ownership Policy;
•Notice of Intent to Terminate Employment;
•Post-Employment Restrictions;
•Code of Conduct;
•Confidentiality, Information Security and Privacy Agreement; 
•Consensual Relationship Policy; and
•Other Terms and Conditions of Employment.
By accepting this offer, you are also expressly accepting and agreeing to be bound by and adhere to the Company policies set forth in the attached Addendum and in the packet of materials that accompany this offer letter.  This letter, along with the documents attached hereto or referred to herein, constitute the entire agreement and understanding between you and the Company with respect to your employment, and supersedes all prior discussions, promises, negotiations and agreements (whether written or oral) between you and the Company, except as expressly set forth herein with respect to the Prior Letter Agreements. 
Joanne, we are excited about your appointment as Chief Executive Officer.  This letter and the documents provided herewith constitute the Company’s entire offer.  As you review this offer, please feel free to contact me with any questions. To accept the offer, and acknowledge you are not relying on any promise or representation that is not contained in this letter, please sign in the space below and return one of the attached copies to me no later than October 24, 2020.
Sincerely,

/s/ Sarah Dunn____________________
Sarah J. Dunn
Global Human Resources Officer
Tapestry, Inc.
 
Agreed and accepted by: 

_/s/ Joanne Crevoiserat_____    _10/24/20__________________________
Joanne Crevoiserat                    Date

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	ADDENDUM
COMPANY POLICIES & CONDITIONS OF EMPLOYMENT    

As an employee of Tapestry, Inc. (the “Company”), you will be subject to the following policies.  Please sign the acknowledgement at the end noting your understanding and agreement.

1.Incentive Repayment Policy

Tapestry’s Board of Directors has adopted an incentive repayment policy affecting all performance-based compensation that the Company pays to members of its Executive Committee.  Information on this policy is attached.  You agree that you remain subject to this repayment policy and that it may change from time-to-time as the Committee deems appropriate and/or as is required by law.

2.Executive Stock Ownership Policy

Tapestry’s Board of Directors has implemented a stock ownership policy for all “Key Executives” and Directors.  Information on this policy and the required amounts of stock ownership for your position is attached.  As a Key Executive and Section 16(b) officer you will be required to obtain pre-approval of all Tapestry stock transactions from Tapestry’s General Counsel.

3.Notice of Intent to Terminate Employment

If at any time you elect to terminate your employment with the Company, including a valid retirement from the Company, you agree to provide six (6) months’ advance written notice of your intent to terminate your employment and such notice shall be provided via email to the Chair of the Board of Directors, the General Counsel and Secretary and Global Human Resources Officer of Tapestry. Such notice shall include, if applicable, the identity of the prospective employer or entity, your proposed title and duties with that business, person or enterprise, as well as the proposed starting date of that employment or consulting services. After you have provided your required notice, you will continue to be an employee of the Company.  Your duties and other obligations as an employee of the Company will continue and you will be expected to cooperate in the transition of your responsibilities.  The Company shall, however, have the right in its sole discretion to direct that you no longer come to work or to shorten the notice period.  Nothing herein alters your status as an employee at-will.  The Company reserves all legal and equitable rights to enforce the advance notice provisions of this paragraph.  You acknowledge and agree that your failure to comply with the notice requirements set forth in this paragraph shall result in: (i) the Company being entitled to an immediate injunction, prohibiting you from commencing employment elsewhere for the length of the required notice, (ii) the Company being entitled to claw back any bonus paid to you within 180 days of your last day of employment with the Company, (iii) the forfeiture of any unpaid bonus as of your last day of employment with the Company, (iv) any unvested equity awards and any vested but unexercised stock option awards held by you shall be automatically forfeited on your last day of employment with the Company, and (v) the Company being entitled to claw back any Financial Gain (as defined below) you realize from the vesting of any Tapestry equity award within the twelve (12) month period immediately preceding your last day of employment with the Company.  “Financial Gain” shall have the meaning set forth in the various equity award grant agreements that you receive during your employment with the Company.
 

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4.Post-Employment Restrictions

(a) Non-Competition.  You are prohibited from, directly or indirectly, counseling, advising, consulting for, becoming employed by or providing services in any capacity to a “competitor” (as defined below) of the Company or any of its operating divisions, brands, subsidiaries or affiliates (collectively, the “Tapestry Group”) during your employment and the twenty-four (24) month period beginning on your last day of employment with the Company (the “Restricted Period”).

“Competitor” includes: the companies, together with their respective subsidiaries, parent entities, and all other affiliates as set forth on Exhibit A, attached hereto (such companies subject to change from time-to-time as posted on Tapestry’s intranet, the Loop).  In the event your employment is terminated for any reason (other than for “cause,” as defined below), or if you resign for “Good Reason,” and the Company, at its sole discretion, elects to enforce its right to enjoin you from joining a competitor at any time during the Restricted Period, including prohibiting you from engaging in any of the activities prohibited by this Section 4(a), the Company shall compensate you at your most recent base salary, subject to usual withholdings, to be paid  on normal pay cycles, during the remainder of the Restricted Period.  The foregoing payments will be made to you solely to the extent that severance or other termination payments are not paid to you during the remainder of the Restricted Period. Nothing herein shall impact or limit your right to receive any severance payments and benefits pursuant to the terms of your offer letter, except that it is expressly understood and agreed that (i) you will not be entitled to receive payments pursuant to this paragraph during any period you are receiving severance or other termination payments and (ii) your receipt of any severance or other termination payments shall not impact the Company’s right to enforce its rights under this Section 4(a) or otherwise.   

You agree that if you are offered and desire to accept employment with, or provide consulting services to, another business, person or enterprise, including, but not limited to, a “competitor,” during the Restricted Period, you will promptly inform Tapestry’s Global Human Resources Officer, in writing, of the identity of the prospective employer or entity, your proposed title and duties with that business, person or enterprise, and the proposed starting date of that employment or consulting services.  You also agree that you will inform that prospective employer or entity of the terms of these provisions.  Failure to abide by the requirements of this Section 4(a) will also be deemed a failure to provide the required advance written notice set forth above under Notice of Intent to Terminate Employment. 

(b) Non-Solicitation.  You agree that during the Restricted Period, you will not, directly or indirectly, whether alone or in association with or for the benefit of others, without the prior written consent of the Company, hire or attempt to hire, employ or solicit for employment, consulting or other service, any officer, employee or agent of the Tapestry Group (each, a “Protected Person”), or encourage, persuade or induce any Protected Person to terminate, diminish or otherwise alter such Protected Person’s relationship with the Tapestry Group.

For purposes of this Section 4(b) and to avoid any ambiguity, you and the Company agree that it will be a rebuttable presumption that you solicited any Protected Person if such Protected Person commences employment or other service for or on behalf of you or any entity to which you provide services or terminates, diminishes or otherwise alters such Protected Person’s relationship with the Tapestry Group prior to the end of the Restricted Period. 

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(c) Non-Interference.  During the Restricted Period, you will not, directly or indirectly, whether alone or in association with or for the benefit of others, whether as an employee, owner, stockholder, partner, director, officer, consultant, advisor or otherwise, assist, attempt to or encourage (i) any vendor, supplier, customer or client of, or any other person or entity in a business relationship with the Tapestry Group to terminate, reduce, limit or otherwise alter such relationship, whether contractual or otherwise, (ii) any prospective vendor, supplier, customer or client not to enter into a business or contractual relationship with the Tapestry Group or (iii) to impair or attempt to impair any relationship, contractual or otherwise, between the Tapestry Group and any vendor, supplier, customer or client or any other person or entity in a business relationship with the Tapestry Group.

(d) Remedies.  You acknowledge that compliance with Section 4 is necessary to protect the business, good will and proprietary and confidential information of the Tapestry Group and that a breach or threatened breach of any provision in Section 4 will irreparably and continually damage the Tapestry Group, for which money damages may not be adequate.  Accordingly, in the event that you breach any provision in Section 4, you will forfeit any remaining earned but unpaid bonus and the Company shall be entitled to claw back any bonus paid to you within 180 days of your last day of employment with the Company. In addition, the Company will be entitled to preliminarily or permanently enjoin you from violating Section 4 in order to prevent the continuation of such harm. 

(e) Reasonableness of Restrictions.  You acknowledge: (i) that the scope and duration of the restrictions on your activities under Section 4 are reasonable and necessary to protect the legitimate business interests, goodwill and confidential and proprietary information of the Tapestry Group; (ii) that the Tapestry Group does business worldwide and, therefore, you specifically agree that, in order to adequately protect the Tapestry Group, the scope of the restrictions in this provision is reasonable; and (iii) that you will be reasonably able to earn a living without violating the terms of these provisions.

(f) Judicial Modification.  If any court of competent jurisdiction determines that any of the covenants in Section 4, or any part of them, is invalid or unenforceable, the remainder of such covenants and parts thereof shall not thereby be affected and shall be given full effect, without regard to the invalid portion.  If any court of competent jurisdiction determines that any of the covenants in Section 4, or any part of them, is invalid or unenforceable because of the geographic or temporal scope of such provisions, such court shall reduce such scope to the minimum extent necessary to make such covenants valid and enforceable.  You agree that in the event that any court of competent jurisdiction finally holds that any provision of Section 4 constitutes an unreasonable restriction against you, such provision shall not be rendered void but shall apply to such extent as such court may judicially determine constitutes a reasonable restriction under the circumstances.

5.Other Terms and Conditions of Employment

If you accept the Company’s offer, our relationship is "employment-at-will." That means you are free, at any time, for any reason, to end your employment with the Company and that the Company may do the same, subject to the advance notice requirements set forth above under Notice of Intent to Terminate Employment. You hereby represent and warrant that you are not currently, and have never been, the subject of any allegation or complaint of harassment, discrimination, retaliation, or sexual or other misconduct in connection with prior employment or 
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otherwise, and have not been a party to any settlement agreement or nondisclosure agreement relating to such matters (the “Representations”).

For the purposes of this letter, termination for “cause” means a determination by the Board that your employment should be terminated for any of the following reasons: (i) your violation of the Company’s Code of Conduct, employee guides, or any other written policies or procedures of the Company, which is not remedied within 30 days of written notice to you, via email, (ii) your violation of any of the Company’s policies regarding sexual harassment and misconduct, (iii) your indictment, conviction of, or plea of guilty or nolo contendere to, a felony or a crime involving moral turpitude, (iv) your willful or grossly negligent breach of your duties, (v) any act of fraud, embezzlement or other similar dishonest conduct, (vi) any act or omission that the Company determines could have a material adverse effect on the Company, including without limitation, its reputation, business interests or financial condition, which is not remedied within 30 days of written notice to you, via email (vii) your failure to follow the lawful directives of the Board, which is not remedied within 30 days of written notice to you, via email, (viii) your breach of this offer letter or any other written agreement between you and the Company or any of its affiliates, which is not remedied within 30 days of written notice to you, via email or (ix) your breach of the Representations set forth in this Section 5 above or the Restrictive Covenants set forth in Section 4 above.
For any dispute arising between the parties regarding or relating to this letter and/or any aspect of your employment, the parties hereby consent to the exclusive jurisdiction in the state and Federal courts located in New York, New York. This Agreement will be construed and enforced in accordance with the laws of the state of New York, without regard to conflicts of laws principles.
You have “Good Reason” to resign your employment upon the occurrence  of the following without your consent: (i) material diminution of your duties and responsibilities or your ceasing to be the Company’s Chief Executive Officer (principal executive officer), (ii) relocation of the Company’s executive offices more than 50 miles outside of New York, New York,(iii) a reduction in your base salary of more than 20%, other than a reduction that is also applied to members of the Company’s Executive Committee or an equivalent body or (iv) the Company’s material breach of the terms of this Agreement; provided however, that notwithstanding the foregoing you may not resign your employment for Good Reason unless: (x) you provide the Company with at least 30 days prior written notice of your intent to resign for Good Reason (which notice is provided not later than the 60th day following the occurrence of the event constituting Good Reason) and (y) the Company does not remedy the alleged violation(s) within such 30-day period.  For the avoidance of doubt, the changes to the terms of your employment described in this letter and your appointment as Chief Executive Officer will not be deemed to give rise to “Good Reason” under your Prior Letter Agreements.
Our agreement regarding employment-at-will may not be changed, except specifically in writing signed by both the Chair of the Human Resources Committee of the Board and the Global Human Resources Officer of Tapestry and you.  However, the Company may in its discretion add to, discontinue, or change compensation, duties, Company committees, benefits and policies.  Nothing in the preceding two sentences shall be construed as diminishing the financial obligations of either of the parties hereunder, including, without limitation, the Company’s obligations to pay salary, bonus, equity compensation, severance etc., pursuant to the pertinent provisions set forth above.  All payments made hereunder are subject to the usual withholdings required by law.  In the event of a breach by you of any provision of this offer letter and/or any of the Company policies which are included herewith, you agree to reimburse the Company for any 
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and all reasonable attorney’s fees and expenses related to the enforcement of this agreement, including, but not limited to, the clawback of gains specified hereunder. 
Our offer of employment is contingent on the following: 
•Formal ratification of this agreement by the Human Resources Committee and the Board;
•Your returning a signed copy of this offer letter by October 24, 2020;  
•Your agreement to be bound by, and adhere to, all of the Company’s policies in effect during your employment with the Company, including, but not limited to, the Executive Stock Ownership Policy, Incentive Repayment Policy, Code of Conduct, Consensual Relationship Policy and our Confidentiality, Information Security and Privacy Agreement; and
•The terms and conditions of individual equity award agreements.

Agreed and Accepted by:

_/s/ Joanne Crevoiserat___    10/24/20______________
Joanne Crevoiserat        Date
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	EXHIBIT A

Competitor List
(as of the Effective Date)

        
Adidas AG
Burberry Group PLC
Capri Holdings Limited
Cole Haan LLC
Compagnie Financiere Richemont SA
Fast Retailing Co., Ltd.
Fung Group
G-III Apparel Group, Ltd.
The Gap, Inc.
Kering
L Brands, Inc.
LVMH Moet Hennessy Louis Vuitton SA
Nike, Inc.
Prada, S.p.A.
PVH Corp.
Ralph Lauren Corporation
Samsonite International S.A.
Tory Burch LLC
V.F. Corporation
Under Armour, Inc.

Page 12 of 12Exhibit 10.1
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September 14, 2020
​
Damian L. Finio
***
​
Dear Damian,
​
I am pleased to present an offer of employment to you with Phibro Animal Health Corporation as Chief Financial Officer, Phibro Animal Health Corporation, reporting to me.
​
Our offer to you is as follows:
​
Start Date
Your anticipated start date with the Company will be October 26, 2020. This date presumes that you have satisfactorily cleared the pre-employment background check and substance abuse test referred to below. Your appointment as Chief Finncial Officer of the Company will become effective November 15, 2020, after the completion of th Company’s first quarter reporting cycle.
​
Location
You will be based out of our corporate headquarters office located in Teaneck, NJ.
​
Compensation
You will be compensated at the semi-monthly base salary rate of $18,750 (equivalent to $450,000 annually) less applicable deductions as required by law. Your compensation is subject to periodic review per Company policy.
​
You are eligible to participate in the Phibro Animal Health Corporation Management Incentive Plan beginning with our 2021 fiscal year commencing July 1, 2020.  Your target bonus will be 50% of your base salary (the Plan provides for a maximum payout of 75% of your base salary). For fiscal year 2021, your participation will be pro-rated based on your start date. Bonuses are subject to corporate performance, contingent on satisfactory individual performance and subject to the approval of the Company’s Board of Directors. In order to receive any bonus, you must be employed by the Company on the date the applicable bonus is paid.
​
You will be provided with a Company leased vehicle for your business and personal use pursuant to the Company’s Fleet Policy.
​
You will receive a signing bonus in the gross amount of $150,000, payable in two (2) payments of $75,000.  The first $75,000 payment to be paid within 30 days of your start date; the second $75,000 payment to be paid six months from your start date (as soon as administratively feasible after April 30, 2021), provided in each case you are still employed by the Company on the applicable payment date.
​
Benefit Plan
You will be eligible to participate in the Company’s Benefit Plan, which includes Health, Dental, Life and Disability Insurance after a 30-day waiting period, and 401(k) Retirement and Savings Plan. Participation in these Plans is subject to the terms and conditions of the Plans, and they are subject to change at any time at the sole discretion of the Company.  Please see the Summary of Insurance and Benefits for more details.
​
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	HEALTHY ANIMALS. HEALTHY FOOD. HEALTHY WORLD.®

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	Glenpointe Centre East / 3rd Floor /  300 Frank W. Burr Blvd., Ste. 21 / Teaneck, NJ  07666-6712
Direct: 201-329-7300 / Fax: 201-329-7399

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	September 14, 2020

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Vacation
You are eligible for 20 vacation days per year and will begin to accrue that time on a monthly basis with your start date.  Your first year entitlement will be prorated according to your start date.
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Holidays
Currently the Company provides employees with 8 holidays and 3 floating holidays each year, for which you are eligible as of your start date.
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Contingencies:
This offer is contingent upon:
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●     A satisfactory result on a pre-employment background check and substance abuse test.
●     Your signed acceptance of, and agreement to be bound by, the Company’s standard forms of Confidentiality and Nondisclosure, Noncompetition and Nonsolicitation, and Employee Invention agreements.
●     Your signed agreement to abide by the Company’s Code of Business Conduct and Ethics.
●     The appointment of the Chief Financial Officer must be approved by the Company’s Board of Directors, and the compensation of the Chief Financial Officer must be reviewed and approved by the Compensation Committee of the Board of Directors.  With your written acceptance of this offer, resolutions of the Board of Directors and the Compensation Committee will be drafted to confirm the details. With the approval of the Board of Directors and the Compensation Committee, your appointment and the terms will become final.
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Prior Employment Agreements
You agree that you have fully disclosed to the Company any post-termination obligations you may have with your current and prior employers, that your employment with the Company will not violate any such obligations, and that as a condition of your employment you will strictly comply with any such obligations, including any obligation to maintain the confidentiality of your current and prior employers’ confidential information.
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Employment-At-Will
Your employment status with the Company will be that of an at-will employee.  Nothing in this offer of employment at-will shall be deemed to create a contract of employment.  This offer of employment is not for a fixed duration and may be terminated at any time by either you or the Company with or without cause.
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This offer expires September 16, 2020.
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Damian, I am excited about your future at the Company and the potential of your leadership, and I look forward to working with you.  If you agree with the above terms, please sign and date and return to me at your earliest convenience a copy of this letter; the Confidentiality and Nondisclosure, Noncompetition and Nonsolicitation, and Employee Invention agreements; and your agreement to abide by the Company’s Code of Business Conduct and Ethics.
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If you have any questions regarding your employment with Phibro, please feel free to call me at ***.
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Sincerely,
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/s/ Jack C. Bendheim
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	HEALTHY ANIMALS. HEALTHY FOOD. HEALTHY WORLD.®

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	September 14, 2020

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	Page 3

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	Jack C. Bendheim
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	Chief Executive Officer
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	Offer Accepted:
	/s/ Damian L. Finio

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	Damian L. Finio

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	September 14, 2020

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	Date

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	CC:
	Lisa Escudero
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	HEALTHY ANIMALS. HEALTHY FOOD. HEALTHY WORLD.®

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PHIBRO ANIMAL HEALTH CORPORATION
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CONFIDENTIALITY AND NONDISCLOSURE AGREEMENT
For good and valuable consideration, including but not limited to my initial or continued at-will employment by PHIBRO ANIMAL HEALTH CORPORATION, or any of its subsidiaries or affiliates (collectively “PAHC”), I hereby acknowledge and agree:
1.    In the course of my employment with PAHC, certain trade secrets or confidential or proprietary information (“Protected Matters”) of PAHC may be disclosed to or otherwise become known by me, including, but not limited to:
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a.    Product and Technical Information:  Product formulations, new and innovative product ideas, research and development projects, investigations, experiments, clinical trials, new business development, sketches, plans, drawings, prototypes, methods, processes, formulae, compositions, raw materials, inventions, machines, computer programs, research projects and other non-public technical information, data, and techniques having value to PAHC.
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b.    Financial and Business Information:  Customer lists, mailing lists, specific customer needs and requirements, leads and referrals to prospective customers, pricing data, sources of supply, marketing, production or merchandising systems and plans, cost information, commissions, fees, profits, sales, sales margins, capital structure, operating results, borrowing arrangements, strategies and plans for future business, pending projects and proposals, potential acquisitions or divestitures, and other non-public business information, data and techniques having value to PAHC.
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c.    Personnel information: the identity and number of PAHC’s other employees, their salaries, bonuses, benefits, skills, qualifications, and abilities.
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The foregoing types of information belonging to third parties in the possession of PAHC.
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2.    Other than in carrying out my duties as an employee of PAHC in an authorized and approved manner, I will not at any time during my employment, or after the separation of my employment with PAHC (regardless of the reason for separation), use for myself or others, or disclose or disseminate to others, any Protected Matters.  Nothing in this Agreement is intended to prohibit my discussing with other employees, or with third parties who are not my future employers or PAHC’s competitors, my wages, hours or other terms and conditions of employment.
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3.    I agree that I will not disclose to PAHC, use for PAHC’s benefit, or induce PAHC to use any trade secrets or confidential information I may possess or any intellectual property belonging to any former employer or other third party.
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4.    Upon separation of my employment with PAHC:
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a.    I shall return to PAHC all documents relating to PAHC or to Protected Matters, or obtained by me during the course of my employment with PAHC, and shall not retain any copies of such documents.  For the purpose of this Agreement, “document” means, without limitation, any paper or other writing, any electronically or digitally stored data or collection of data, and any item of audio, video or graphic material, however recorded or reproduced.  For any equipment or devices owned by me or in my possession on which documents relating to PAHC or to Protected Matters is stored or accessible, I shall, upon request by PAHC, deliver such equipment or devices to PAHC so that any documents relating to PAHC or to Protected Matters may be deleted or removed.  I expressly authorize PAHC’s designated representatives to access such equipment or devices for this limited purpose and shall provide any passwords or access codes necessary to accomplish this task.
b.    This Agreement shall not apply to any information or materials that (i) is or becomes available in the public domain through no fault of, or act, or failure to act on my part, or (ii) is obtained by me on a non-confidential basis from any third party that is lawfully in possession of such information or materials, provided, that such third party is not in violation of a confidentiality obligation to PAHC with respect to such information or materials.
5.    I shall notify any future or prospective employer of mine of the existence of this Agreement.  I further agree that PAHC may inform any future or prospective employer of mine of the existence of this Agreement
6.    Note:  18 U.S.C. § 1833(b)(1) states: “An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that—(A) is made—(i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.” Further 18 U.S.C. § 1833(b)(2) states: “An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of 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--(A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.” Notwithstanding anything in this Agreement to the contrary, disclosures in compliance with 18 U.S.C. § 1833(b) are expressly permitted by this Agreement.
7.    Nothing in this Agreement prohibits me from reporting possible violations of United States federal law or regulation to any governmental agency or entity, including but not limited to, the United States Department of Justice, the United States Securities and Exchange Commission, the United States Congress, and any Inspector General of any United States federal agency, or making other disclosures that are protected under the whistleblower provisions of United States federal, state or local law or regulation; provided, that I will use my reasonable best efforts to (i) disclose only information that is reasonably related to such possible violations or that is requested by such agency or entity, and (ii) request that such agency or entity treat such information as confidential. I understand that I do not need the prior authorization from PAHC to make any such reports or disclosures and I am not required to notify PAHC that I have made such reports or disclosures.  This Agreement does not limit my right to receive an award for information provided to any governmental agency or entity.
8.    The unenforceability of any provision or portion of this Agreement shall not impair or affect the enforceability of any other provision or portion of this Agreement.  If any provision or portion of this
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Agreement is declared illegal or unenforceable by any court of competent jurisdiction, that provision or portion shall be deemed modified so as to render it enforceable.
9.    THIS AGREEMENT WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW JERSEY WITHOUT REGARD FOR CONFLICTS OF LAWS PRINCIPLES.  ANY ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT AND MY EMPLOYMENT SHALL BE BROUGHT EXCLUSIVELY IN THE STATE OR FEDERAL COURTS OF NEW JERSEY.  I EXPRESSLY CONSENT TO VENUE IN, AND THE PERSONAL JURISDICTION OF, THE STATE AND FEDERAL COURTS LOCATED IN NEW JERSEY FOR ANY LAWSUIT ARISING FROM OR RELATING TO THIS AGREEMENT.
10.  This Agreement does not alter the status of my employment as an at-will employee of PAHC.
11. I understand PAHC is engaged in a highly competitive business and that its competitive position depends upon its ability to maintain the confidentiality of the Protected Matters, which were developed, compiled and acquired by PAHC at its great effort and expense.  I further acknowledge and agree that compliance with the provisions of this Agreement is necessary to protect the Protected Matters, business and goodwill of PAHC, and that any breach of this Agreement will result in irreparable and continuing harm to PAHC, for which money damages may not provide adequate relief.  In the event of breach or threatened breach of this Agreement, PAHC shall have full rights to injunctive relief, in addition to any other existing rights and remedies, without requirement of posting bond.
12.  The terms of this Agreement shall survive the separation of my employment with PAHC.
13.  This Agreement shall be binding upon me and my personal representatives and successors in interest, and shall inure to the benefit of PAHC, its successors and assigns.
14.  This Agreement constitutes the entire agreement between PAHC and me with respect to the subject matter of this Agreement, and supersedes all prior agreements between us relating to the same subject matter.  Any waiver of a breach of any provision of this Agreement by PAHC shall not be construed as a waiver of any other breach of this Agreement, and no failure or delay by PAHC in exercising any right under this Agreement shall operate as a waiver of any breach by me.  This Agreement cannot be changed except by written agreement of PAHC and me.
I have read, understand and consent to the above Agreement.
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	By:
	/s/ Damian Finio
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	Employee Signature
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	Damian Finio
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	Employee Name (please print)
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	September 18, 2020
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	Date
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PHIBRO ANIMAL HEALTH CORPORATION
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EMPLOYEE INVENTION AGREEMENT
For good and valuable consideration, including but not limited to my initial or continued at-will employment by PHIBRO ANIMAL HEALTH CORPORATION, or any of its subsidiaries or affiliates (collectively “PAHC”), I hereby acknowledge and agree:
1.    During my employment with PAHC, and for a period of one year after my separation of employment regardless of reason, I shall promptly disclose in writing to PAHC all Inventions that:
a.    result from any work performed on behalf of PAHC, or pursuant to a suggested research project by PAHC, or
b.    relate in any manner to the existing or stated contemplated business of PAHC, or
c.    result from the use of PAHC’s time, material, employment or facilities.
For purposes of this Agreement, “Inventions” shall mean all works of authorship, inventions, discoveries, improvements, developments, and innovations, whether patentable, copyrightable, trademarkable, or not, conceived in whole or in part by the undersigned or through the assistance of the undersigned, and whether conceived or developed during working hours or not and whether conceived individually or jointly.
2.    I agree to assign, and do hereby assign, to PAHC, its successors and assigns, all right, title and interest to each and every Invention, whether or not such Invention is a “work for hire” as that term is defined in the United States Copyright Act. I understand and agree that the decision whether or not to commercialize or market any Invention developed by me solely or jointly with others is within PAHC’s sole discretion and for PAHC’s sole benefit and that no royalty will be due to me as a result of PAHC’s efforts to commercialize or market any such Invention.
3.    I agree to assist PAHC, or its designee, at PAHC’s expense, in every proper way to secure PAHC’s rights in the Inventions and any copyrights, patents, mask work rights or other intellectual property rights relating thereto in any and all countries, including, but not limited to, the disclosure to PAHC of all pertinent information and data with respect thereto, the execution of all applications, specifications, oaths, assignments and all other instruments which PAHC shall deem necessary in order to apply for and obtain such rights and in order to assign and convey to PAHC, its successors, assigns, and nominees the sole and exclusive rights, title and interest in and to such Inventions, and any copyrights, patents, mask work rights or other intellectual property rights relating thereto.  I further agree that my obligation to execute or cause to be executed, when it is in my power to do so, any such instrument or papers shall continue after the termination of this Agreement.  If PAHC is unable because of my mental or physical incapacity or for any other reason to secure my signature to apply for or to pursue any application for any United States or foreign patents or copyright registrations covering Inventions or original works of authorship assigned to PAHC as above, then I hereby irrevocably designate and appoint PAHC and its duly authorized officers and agents as my agent and
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attorney in fact, to act for and in my behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of letters patent or copyright registrations thereon with the same legal force and effect as if executed by me.
4.    I understand that the provisions of this Agreement requiring assignment of Inventions to PAHC shall not apply to any Inventions that are not within the scope of Paragraph 1.a, b or c above (collectively “Outside Discoveries).
I will advise PAHC promptly in writing of any Outside Discoveries, including those listed below which I claim were conceived or reduced to practice before the date of this Agreement:
Outside Discoveries:         NONE
5.    I shall notify any future or prospective employer of mine of the existence of this Agreement.  I further agree that PAHC may inform any future or prospective employer of mine of the existence of this Agreement.
6.    The unenforceability of any provision or portion of this Agreement shall not impair or affect any other provision or portion of this Agreement.  If any provision or portion of this Agreement is declared illegal or unenforceable by any court of competent jurisdiction, that provision or portion shall be deemed modified so as to render it enforceable.
7.    THIS AGREEMENT WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW JERSEY WITHOUT REGARD FOR CONFLICTS OF LAWS PRINCIPLES.  ANY ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT AND MY EMPLOYMENT SHALL BE BROUGHT EXCLUSIVELY IN THE STATE OR FEDERAL COURTS OF NEW JERSEY.  I EXPRESSLY CONSENT TO VENUE IN, AND THE PERSONAL JURISDICTION OF, THE STATE AND FEDERAL COURTS LOCATED IN NEW JERSEY FOR ANY LAWSUIT ARISING FROM OR RELATING TO THIS AGREEMENT.
8.    This Agreement does not alter the status of my employment as an at-will employee of PAHC.
9.    This Agreement does not alter my obligations to maintain the confidentiality of PAHC protected information or my obligations under the PAHC Confidentiality and Nondisclosure Agreement.
10.  I acknowledge and agree that compliance with the provisions of this Agreement is necessary to protect the business of PAHC, and that any breach of this Agreement will result in irreparable and continuing harm to PAHC, for which money damages may not provide adequate relief.  In the event of breach or threatened breach of this Agreement, PAHC shall have full rights to injunctive relief, in addition to any other existing rights and remedies, without requirement of posting bond.
11.  The terms of this Agreement shall survive my separation of employment with PAHC.
12.  This Agreement shall be binding upon me and my personal representatives and successors in interest, and shall inure to the benefit of PAHC, its successors and assigns.
13.  This Agreement constitutes the entire agreement between PAHC and me with respect to the subject of this Agreement, and supersedes all prior agreements between us relating to the same subject matter.  Any waiver of a breach of any provision of this Agreement by PAHC shall not be construed as a waiver of any other breach of the Agreement, and no failure or delay by PAHC in exercising any
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right under this Agreement shall operate as a waiver of any breach by me.  This Agreement cannot be changed except by written agreement of PAHC and me.
I have read, understand and consent to the above Agreement.
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	By:
	/s/ Damian Finio
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	Employee Signature
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	Damian Finio
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	Employee Name (please print)
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	September 18, 2020
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PHIBRO ANIMAL HEALTH CORPORATION
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NONCOMPETITION AND NONSOLICITATION AGREEMENT
In consideration of my initial or continued employment by PHIBRO ANIMAL HEALTH CORPORATION, or any of its subsidiaries or affiliates (collectively “PAHC”), my access to and provision with PAHC’s confidential information and trade secrets under the terms and conditions of my Confidentiality and Nondisclosure Agreement with PAHC, and for other good and sufficient consideration, I hereby acknowledge and agree:
1.    During my employment with PAHC and for a period of one year after my separation of employment regardless of the reason, I shall not:
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a.    Directly or indirectly (i) own, (ii) be employed by or (iii) be engaged to perform work in a capacity similar to the position(s) I held with PAHC on behalf of, any firm engaged in any business: (A) similar to, or competitive with, PAHC’s business in those geographic regions or territories in which PAHC marketed its products or had sales during the twelve-month period prior to the separation of my employment at PAHC, or (B) which PAHC has plans to enter during the twelve-month period following the separation of my employment with PAHC of which I was aware during the term of my employment with PAHC.
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b.    Directly or indirectly, or in any capacity, on my own behalf or on behalf of another, undertake or assist in the servicing or solicitation of any customer or prospective customer for the purpose of selling products or services of the type for which I had (i) responsibility, (ii) knowledge of or (iii) access to confidential information and trade secrets, while employed by PAHC.  This restriction shall apply only to those customers or prospective customers of PAHC with whom I came into contact during the 24-month period prior to the date of my separation of employment with PAHC.   For the purposes of this section, the term “contact” means interaction between the customer and me which takes place to further the business relationship, or making sales to or performing services for the customer on behalf of PAHC.  For purposes of this section, the term “contact” with respect to a “prospective” customer means interaction between a potential customer and me which takes place to obtain the business of the potential customer on behalf of PAHC.
c.    Directly or indirectly solicit any employee of PAHC to leave the employ of PAHC or to violate the terms of his or her employment arrangement with PAHC.  This restriction shall apply only to those employees of PAHC with whom I came into contact during the 24-month period prior to the date of my separation of employment with PAHC.
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2.    For the purposes of this Agreement, I understand that, as of July 1, 2017, PAHC is engaged in businesses which include but are not limited to manufacturing and/or marketing of pharmaceutical and nutritional products for animals (including but not limited to medicated and non-medicated feed
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additives and vaccines), and manufacturing and/or marketing specialty chemicals including products used in ethanol-production, surface finishing and coating materials, and personal care ingredients. I further understand that, for the purposes of this Agreement, from time to time the businesses engaged in by PAHC may change from this description.
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3.    For a period of one year following the separation of my employment from PAHC, regardless of reason, I shall notify any future or prospective employer of mine of the existence of this Agreement, and I further agree that PAHC may inform any future or prospective employer of mine of the existence of this Agreement.
4.    The unenforceability of any provision or portion of this Agreement shall not impair or affect the enforceability of any other provision or portion of this Agreement.  If any provision or portion of this Agreement is declared illegal or unenforceable by any court of competent jurisdiction, that provision or portion shall be deemed modified so as to render it enforceable.
5.    THIS AGREEMENT WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW JERSEY WITHOUT REGARD FOR CONFLICTS OF LAWS PRINCIPLES.  ANY ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT AND MY EMPLOYMENT SHALL BE BROUGHT EXCLUSIVELY IN THE STATE OR FEDERAL COURTS OF NEW JERSEY.  I EXPRESSLY CONSENT TO VENUE IN, AND THE PERSONAL JURISDICTION OF, THE STATE AND FEDERAL COURTS LOCATED IN NEW JERSEY FOR ANY LAWSUIT ARISING FROM OR RELATING TO THIS AGREEMENT.
6.    This Agreement does not alter the status of my employment as an at-will employee of PAHC.
7.    I understand PAHC is engaged in a highly competitive business and that its competitive position depends upon its ability to maintain the confidentiality of its confidential information, proprietary information, and trade secrets, which were developed, compiled and acquired by PAHC at its great effort and expense.  I further acknowledge and agree that compliance with the provisions of this Agreement and PAHC’s Confidentiality and Nondisclosure Agreement is necessary to protect the confidential information, proprietary information, and trade secrets, business and goodwill of PAHC, and that any breach of this Agreement will result in irreparable and continuing harm to PAHC, for which money damages may not provide adequate relief.  Accordingly, in the event of a breach or threatened breach of this Agreement, PAHC shall have full rights to injunctive relief, in addition to any other existing rights and remedies, without requirement of posting bond.
8.    The terms of this Agreement shall survive my separation of employment with PAHC.
9.    This Agreement shall inure to the benefit of PAHC, its successors and assigns.
10.  This Agreement constitutes the entire agreement between PAHC and me with respect to the subject of this Agreement and supersedes all prior agreements between us relating to the same subject matter, except the Confidentiality and Nondisclosure Agreement between PAHC and me, which is incorporated herein by reference.  Any waiver of a breach of any provision of this Agreement by PAHC shall not be construed as a waiver of any other breach of this Agreement, and no failure or delay by PAHC in exercising any right under this Agreement shall operate as a waiver of any breach by me.  This Agreement cannot be changed except by written agreement of PAHC and me, wherein specific reference is made to this Agreement.
I have read, understand and consent to the above Agreement.
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	By:
	/s/ Damian Finio
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	Employee Signature
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	Damian Finio
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	Employee Name (please print)
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	September 18, 2020
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	Date
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